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Grain Express 9/2/22

Posted: Sept. 2, 2022, 7:29 a.m.

Oliver Sloup joins RFD-TV to discuss the latest across grain markets amidst a sea of red today. Oliver shares his outlook in the context of outside markets pressuring the grains.

Fundamental Spotlight

A Long Weekend

Grain markets will be closed Sunday night and Monday for Labor Day. The market will open at 7:00 PM CT, Monday evening.

Higher Yield Estimates?

Yesterday afternoon, StoneX released their customer survey for corn and soybean production. They have the national average corn yield at 173.2 bushels per acre, this is below the most recent USDA estimate of 175.4, but higher than recent estimates from DTN (167.2) and Pro Farmer (168.1).

Their estimate for a national average soybean yield comes in at 51.8 bushels per acre. This is a hair below the USDA estimate of 51.9 bushels per acre, but what we saw from DTN (48.9) and Pro Farmer (51.7) last month.

A 20-Year High

The U.S. Dollar traded at its highest price in 20-years. When the dollar strengthens, commodities become more expensive in other, nondollar currencies. This effect tends to have a negative influence on demand, and as you would expect, when the dollar weakens, commodities prices in other currencies drop lower, which increases demand.

Corn

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Soybeans

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Wheat

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