7/18/2022

Jul 18, 2022


7/18/2022
Extra heat and sparse rains over the weekend with a week-long forecast to match fueled buying interest and some fresh length during Monday's session. Several other commodities firmed today, as well, including soybean meal, hogs, and crude. Weekly export inspections were solid for corn with 1.07 mln tonnes and weak for soybeans with 362k tonnes inspected for shipment last week. The export inspections for corn and soybeans are just barely hanging on to the paces needed to meet the USDA export forecasts for the 2021/22 marketing year. We are in the dog days of the marketing year and trade has struggled to hold these rallies over the past 3 weeks. These short, quick moves higher need to be strongly considered for marketing any remaining old crop. Hot weather is supportive to the market but a majority of the grain belt outside of our general area has been receiving enough moisture to get by. We still have a chance at some precipitation heading into tasseling/pollination for corn and soybeans aren't made until August.

Corn has stair-stepped higher over the past week but has struggled to hold any intra-day gains. The 50-day moving averages are close to crossing over the 100-day moving averages, further limiting upside in our current market conditions.
corn-chart.png

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...