8/30/2022
Aug 30, 2022
![8/30/2022 8/30/2022](https://storageatlasengagepdcus.blob.core.windows.net/atlas/all-media/glaciplaincoope/commentary/2022/july-september/thumbnails/block-thumbnail.jpg?ext=.jpg)
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.