Notice: Using Internet Explorer may cause some issues with loading dynamic content such as Cash Bids. Please use a modern browser such as Edge, Firefox, or Chrome.

Dynamic Weather Icon for Today's Forecast
Weather N/A

July 12th- Midday Market Commentary

07/12/2022
July 12th- Midday Market Commentary

Grains are low after the USDA Report:

Sept Corn – 43 cents/bu (5.94)

Aug Soybeans –53 3/4 cents/bu (14.68 1/4)

Sept Chi Wheat – 42 1/4 cents/bu (8.14 1/4)

Cdn $ -0.00115 (76.875 cents)

WTI Crude Oil -8.25/barrel (95.84)

Grains stayed in the red after the USDA report. Overall, carryouts were a tad larger than the trade was expecting.

NASS is also resurveying plantings in the Dakotas and Minnesota this month, so these number do NOT include any updated information, and won’t until the August 12th report.

Weather forecasts turned slightly wetter in the Midwest for the next week, taking even more weather premium out of the market. Rains over the next 7 days would line up with big pollination areas. July and August are big weather-trading months which is hard due to how unpredictable weather truly is!

Additionally, it was reported that Ukraine/Russia/Turkey are expected to return to the table to discuss exports once again. Although a resolution is unlikely, it would probably be hard to convince shipping companies to get on board even if a deal was struck.

Crude oil was back under 100-day moving average and the $100 mark. The API Weekly Crude Oil Stock Report showed that stocks increased to 4.762 million barrels from 3.825 million when the trade was expecting -1.933 MILLION BARRELS!

Funds were thought to have been all sellers today as traders got out after the USDA report’s uneventfulness.

Your choice regarding cookies on this site:

We use cookies to optimize site functionality and give you the best possible experience.
Privacy Policy

Your choice regarding cookies on this site:

We use cookies to optimize site functionality and give you the best possible experience.