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Futures

August 22nd- Closing Market Commentary

08/22/2022
August 22nd- Closing Market Commentary

Grains close green:

Sept Corn + 7 1/2 cents/bu (6.33 1/2)

Nov Soybeans + 31 1/4 cents/bu (14.35 1/4)

Sept Chi Wheat +17 1/4 cents/bu (7.70 1/2)

Cdn $ -0.00350 (76.585 cents)

WTI Crude Oil -0.08/barrel (90.36)

The crop conditions report was released this afternoon and showed:

  • Corn Condition 55% Good/Excellent (57% last week, 60% last year, 62% avg)
  • Soybean Condition 57% G/E (58% LW, 56% LY, 61% avg)
  • Winter Wheat harvested 95% (90% LW, 99% LY, 97% avg)
  • Spring Wheat harvested 33% (16% LW, 74% LY, 54% avg)
  • Spring Wheat Condition 64% (64% LW, 0% LY, 70% avg)

Updates have been teeming in from the ProFarmer crop tour which started today. Worse than expected yields have been reported from the Western Corn belt. (One of the fields in Herman, Nebraska had corn stalks with no cobs on them, and see other pictures from fields scouted below!) The overall results for Ohio and South Dakota’s stops will be released tonight, with the “I” states scheduled in for tour stops later this week. This is what the market is really watching and waiting for! –How bad are the biggest producers?

Weekly grain inspections showed all commodities within expectations. -Nothing too exciting from this week’s report.

Funds were thought to have been all buyers today.

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