Jul 27, 2022
Corn and soybeans continue to climb through the mid-week point. Trade shook off some overnight weakness to post modest gains of 2-3 cents in corn and soybeans put together their third consecutive double-digit higher close. Fundamentals remain almost entirely unchanged from last week. This week's rally in corn and soybeans is simply money trading some extended weather outlooks for the beginning of August. Demand is stagnant and overall, the U.S. crop is probably not as bad as some want others to believe. Weekly ethanol data showed output and stocks both off from last week with a 13,000 barrel/day decline in production to 1.02 million bpd and 225,000 barrels off of the stock number to 23.33 million barrels. Brazil's second crop is reported to be 62% complete by AgRural (53% last week, 39% last year). This rally in soybeans provides an excellent opportunity to unload any old crop still left unpriced. At the very least, fixing basis on any remaining unpriced old crop corn or soybeans, either in the bin or on storage in town, is recommended.
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