Jul 19, 2022

Corn recovered over a dime off of its daily lows but still finished down double-digits out to the July 2023 contract. Price action in soybeans was similar after trading 40 lower this morning and came back to finish within 17-22 cents of unchanged. A bit of a gut check reminder that a turn-around Tuesday can go both ways. Bulls and bears have struggled to sustain momentum in either direction over the past two weeks. USDA left the corn conditioned unchanged at 64% good/excellent, trade was expecting a decline of 1 point. Headlining the weekly update was a 4-point increase in the g/e rating in the Illinois corn crop from 66% to 70%. Soybean conditioned was lowered 1 point to 61% good/excellent. With a lack of rain this growing season, our late start to planting could end up being the best thing for our crop this year. Not much for fresh news today besides Egypt issuing a tender for wheat and then cancelling. U.S. was reported as the cheapest bid to Egypt which may have helped cap losses in the wheat today.

Estimated 3 day rain fall.

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