Aug 30, 2022
An overall ugly day across the board today. The only positive note is that corn and beans both finished well off their lows. The Dow is down another 400 points as I am writing this, making the last 3 days losses now over 1,500 points. Crude oil erased yesterday's big gains and then some down over $5 today. It feels like we are in risk off mode ahead of the 3 day holiday weekend. Weekly crop ratings for corn dropped 1 point to 54% G/E and soybeans were unchanged at 57% G/E. Dr. Cordonnier lowered his corn yield prediction by 3 bushel to 170 bpa and noted dry conditions in areas of the western Corn Belt to blame. We did have a soybean export sale announcement of 264,000 metric ton to Unknown for 22/23 delivery this morning. Corn spreads widened back out a touch today. If you are looking to roll any Dec HTA's out to the March I would have orders working at 7 cents. Our widest point thus far is only 8 cents and if the pro farmer yield is close we might not get back to that point. I can't stress enough that this volatility is going to continue in these markets. Just look at beans the last few days. We are seeing 30-40 cent ranges daily on very little news. While this also gives opportunity in the market it also adds a lot more risk. Buckle in and make sales that make sense for your operation. $6.50 corn and $14.00 beans new crop levels are not a mistake.
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