7/15/2022

Corn and soybeans traded higher overnight and bounced around on either side of unchanged through the day session, eventually finishing mixed with 1-2 cent net changes on the day.  It was a strange day for reports and news as it appeared the NOPA crush figures for June were leaked before 8 a.m.  Bushels crushed was reported at 164.677 mln bu, slightly above the trade guess of 164.484 mln bu.  Soyoil stocks came in at 1.767 bln lbs, above the trade guess of 1.704 bln lbs.  The USDA confirmed the sale of 133,000 tonnes of corn to China for delivery in the 2022/23 marketing year.  This was the first export sale announcement since June 17 but the USDA later retracted this sale "based on updated information received form the exporter."  One of the big red flags has been the lack of fresh corn demand given the nearly $1.50/bu price break over the past 4 weeks.  Buyers are more than willing to watch values erode right now but prices have begun stabilizing alongside crude oil. 

The Sep 22:Dec 22 corn spread is trading near even money for the first time since fall. The spread weakened following Tuesday’s WASDE report which showed bigger corn ending stocks for 2021/22.