Jul 21, 2022

Further liquidation with corn fighting back within 10 cents unchanged around midday, only to set fresh intraday lows within 20 minutes of the close.  Soybeans were deep in double-digit losses for the third consecutive session after a hot start to the week on Monday.  $5/barrel lower trade in crude definitely doesn't help.  Corn and soybeans were partially supported by the energy sector in terms of ethanol and soybean oil demand, rising along with crude oil this spring.  Crude oil is trading around 25% off of its spring highs which has pulled down corn and soybeans with it.  Weekly export sales were essentially on target last week for old and new crop.  Corn netted old crop sales of 34k tonnes and new crop sales of 570k tonnes.  Soybean sales netted 204k tonnes of old crop and 255k tonnes of new crop.  Year-to-date total for new crop corn sales is less than 50% of last year, for soybeans, we are well ahead of the last year's total for this time period.  Managed money appears to moving themselves towards being short in soybeans which is very interesting considering our relatively tight ending stocks.  The weather outlooks for the most important production areas continue to show ideal conditions.  Reports indicate the Dakotas appear to be on the verge of a big spring wheat crop and PP acres a non-issue in North Dakota.

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