Grain Express 8/3/22
Posted: Aug. 3, 2022, 7:59 a.m.
Fundamental Snapshot
Yield & Production Estimates
StoneX (one of the FCMs we work with) released their client survey production estimates. They have the average corn yield at 176 bushels/acre, with production at 14.417 billion bushels. Their yield estimate for soybeans is 51.3 bushels per acre with production at 4.490 billion bushels.
Taiwan
U.S. Speaker of the House, Nancy Pelosi was in Taipei Taiwan yesterday. Chinese officials made it clear that this was not ok with them, which raised concerns that they may retaliate via trade, or lack thereof. China has launched military drills which has essentially cutoff Taiwan of imports. As an Island, they are dependent on daily imports.
Weather
Hot and dry weather seems to be largely baked in, with cooler and wetter weather making their way into the 6-10 day forecast for portions of the eastern corn belt.
U.S. Dollar
The US Dollar erased two days of losses which may have added a headwind to some commodities yesterday. Trendline support from the February lows, coupled with the 50-day moving average seem to be important levels to watch.
The Technical Landscape
Corn (September)
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Soybeans (September)
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Wheat (September)
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