Sep 23, 2022
Outside markets weighed heavy on grains today. The DOW traded near 800 points lower, crude oil traded over $5/bbl lower, breaking below some long-term support, and the dollar index continued a historic rally, trading 1.6 points higher around 1:00 this afternoon. Most market spaces suffered steep losses on the day. Corn and soybeans struggled to trade at unchanged on the overnight open and were sold-off hard at 8:30 this morning following the coffee break. Trade made an attempt to bounce off of this morning's lows but recovery was limited and trade faded after the mid-day point into the weekend. December corn lost 1 cent and November soybeans were down 23 on the week. While we do not like seeing markets hit this hard in a single day, it is what is needed to help generate fresh demand for U.S. grains. Further correction is likely needed as we are still at a premium to South America with the U.S. standing on the shore of a fresh new crop supply. There were no official USDA reports or export sales announcements today and news was limited within the grains. Early soybean harvest has finally made its way into our area with some new crop soybeans already being delivered.
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