May 05, 2022

Large, double-digit moves higher in wheat resulted in spillover support for corn and soybeans.  Soybeans traded 20-27 higher on the day but finished well off of their highs, being brought back down to earth by the soy oil and meal trade.  Weekly export sales for corn were on target with 783k tonnes of old crop and 738k tonnes of new crop sold last week.  Old crop soybean sales outperformed estimates with 735k tonnes sold and new crop soybean sales were within range with 407k tonnes sold.  Total soybean sales exceed the amount necessary to meet the USDA forecast but it still needs to be shipped.  There were no 8 a.m. announcements from the USDA this morning.  The big move in wheat today was driven by poor crop ratings, delayed seeding of spring wheat, and problems with wheat exports and production in India.  Overall, it's more about RISK to wheat production than actual issues. 

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