Grain Express 8/10/22
Posted: Aug. 10, 2022, 8:19 a.m.
Fundamental Snapshot
WASDE Estimates
Reuters has complied estimates for Friday’s WASDE report. The average analyst estimate for corn yield is 175.9, with production at 14.392. The average estimate for soybean yield is 51.1, with production at 4.481. Over the years, the August report has been known to offer big surprises to the market.
Flash Sales
Yesterday morning, private exporters reported sales of 133,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.
This morning private exporters reported sales of 196,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.
CPI
This morning’s CPI report came in softer than expected. MoM was most crucial. Headline MoM was flat, meaning no increase from June. Core MoM 0.3% v 0.5% exp. Headline YoY down from 40-year high of 9.1% in June to 8.5%, below the 8.7% expected. Even Core YoY was below exp at 5.9% v 6.1%. The initial broad market reaction is “RISK ON”. A softer than expected number has market participants thinking that the Federal Reserve may take their foot off the pedal (in terms of raising rates).
Weather Outlook
The Technical Landscape
Corn (September)
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Soybeans (September)
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Wheat (September)
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