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.