Grain Express 7/14/22
Posted: July 14, 2022, 8:37 a.m.
Below is the updated drought monitor
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Corn (September)
Fundamentals: Outside markets are in “risk-off” mode, but corn is holding firm, perhaps the market has taken out enough outside market premium and now the weather concerns are helping to support prices.
This morning’s weekly export sales report showed net sales of 59,000 MT for 2021/2022 were down noticeably from the previous week and down 72 percent from the prior 4-week average. Net sales of 348,200 MT for 2022/2023 were reported.
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Soybeans (August)
Fundamentals: This morning’s weekly export sales report showed net sales reductions of 362,900 MT for 2021/2022 were a marketing-year low. Net sales of 113,900 MT for 2022/2023 were reported. Concerns over China slowing and recession in the states has been a damper on prices, despite the concerning forecast.
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