Ag Market View for Oct 6.22

SOYBEANS

Soybean futures ended lower. SX was near 13.58 with a range of 13.50-13.76. One crop scout drove from C IN across to C IL and up to WI. He said in route, farmers may be 10 days from finishing soybean harvest. Weekly US export sales were 28 mil bu. Season to date exports are 67 mil by vs 67 last year. Total commit is near 1,010 vs 925 ly. USDA goal is 2,050 with some estimates near 1,900. Informa estimated US 2022 soybean crop at 4,327 mil bu vs USDA 4,378. USDA report is Oct 12. Some were looking for a crop near 4,425.Some feel Higher USD due to more talk US Central Bank will increase US rates until inflation is down to 2 pct also weighed on commodities. US 2 week forecast calls for mostly dry weather which could back up grains into the country that was for export.

CORN

Corn futures ended lower. CZ ended near 6.75 with range of 6.72-6.85. Talk of active US corn harvest offered resistance. US 2 week Midwest weather forecast calls for below normal rains which should aid harvest. At the same time, This could drop river water levels and add to already slow barge movement. Brage freight trade sharply higher today. One crop scout drove from C IN across to C IL and up to WI. He said in route, farmers may be 10 days from finishing corn harvest. Weekly US export sales were 9 mil bu. Season to date exports are 88 mil by vs 98 last year. Total commit is near 520 vs 1,046 ly. USDA goal is 2,000. Informa estimated US 2022 corn crop at 13,839 mil bu vs USDA 13,944. USDA report is Oct 12. Some feel Higher USD due to more talk US Central Bank will increase US rates until inflation is down to 2 pct also weighed on commodities. US 2 week forecast calls for mostly dry weather which could back up grains into the country that was for export. There was talk that Russia may extend the Ukraine export corridor deal. There is talk that there is 64 vessels either in Ukraine or on the way to load grain. This weighed on global corn prices.

bull and bear market

WHEAT

Wheat futures ended lower. WZ was down 23 cents and near 8.79. KWZ was down21 cents and near 9.68. KWZ was down 19 cents and ended near 9.62. Higher Dollar and lower commodities weighed  on wheat. There was talk that Russia may extend the Ukraine export corridor deal. There is talk that there is 64 vessels either in Ukraine or on the way to load grain. This weighed on global wheat prices. US 2 week plains weather forecast calls for below normal rains which could slow/reduce HRW plantings. Weekly US export sales were 8 mil bu. Season to date exports are 285 mil by vs 285last year. Total commit is near 401 vs 419 ly. USDA goal is 825. Informa estimated US 2022 wheat crop at 1,650 mil bu. USDA report is Oct 12. Russia wheat export prices remain lowest to buyers. Trade watching Russia reaction as Ukraine takes back portions of Ukraine territory recently annexed by Russia.

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