Jun 22, 2022

Corn traded mixed and soybeans were down hard in corrective action following crude oil's lead. Crude traded as much as $8 lower with the September contract seeing sub-$100 trade and stabilized around -$3.80/barrel at the midday point. This was extremely negative for soy oil trade and damaged crush margins severely, soybeans were forced sharply lower. With export sales slowing, soybeans and corn have been partially supported by the energy markets. Weekly crop ratings posted a 2% decline in good/excellent in both corn and soybeans with corn conditions now at 70% g/e and soybeans at 68%. Probably what's more important here is the percentage scored as poor/very poor. Both corn and soybeans have 5% of the crop currently in this category which means 95% of the crop is average or better. The USDA has been quiet at 8 a.m. so far this week. Weekly export inspections for corn, soybeans, and wheat were all in line with expectations with 1.184 mln tonnes of corn, 427k tonnes of soybeans, and 331k tonnes of wheat inspected for shipment.

August Soybeans blasted through their 100-day average after finding support their yesterday. I expect some corrective buying to come in soon. The 1530’0 may become an important spot on the chart with our 3 previous significant lows right there.

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