Jul 11, 2022

Corn was barely able to hold on into the finish after gapping around 20 cents higher at the open last night. We then spent most of the day back tracking, sacrificing a majority of gains from Friday. We did trade back to Friday's highs on some corn contracts and the gaps that remain on other months are relatively narrow. Price action in soybeans was extremely similar. The cause for this move in the market was Sunday's extended forecast weather models showing extra heat and a lack of moisture for the next 2 weeks. Once again, we are "concerned" about it being hot in July. Managed money/funds did not appear to be present in the market today and it looked as though the weather models were disproven rather quickly with radar showing rains moving across South Dakota, Nebraska, and Iowa this morning. Weekly export inspections were mid-range for corn with 934k tonnes inspected for shipment. Soybean shipments were a bit of a miss at 357k tonnes. Current export shipment pace for corn exceeds the pace needed to hit the USDA target by 82 million bushels, down from 97 million bushels the previous week. Soybean shipment pace falls shorts by 44 million bushels, unchanged the week.

While we did improve in the neighborhood of 4-6 cents compared to Friday’s close, price action was extremely weak into the close for corn.

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