Grain Express 9/7/22

Posted: Sept. 7, 2022, 9:12 a.m.

Fundamental Spotlight

Flash Sale Alert

Private exporters reported sales of 257,400 metric tons of corn for delivery to Mexico. Of the total, 226,920 metric tons is for delivery during the 2022/2023 marketing year and 30,480 metric tons is for delivery during the 2023/2024 marketing year.

Cheater!

Russian President, Vladimir Putin claims that the Russia and developing countries have been cheated by Ukrainian export deal, and that the terms should be reviewed and revised. This headline sent wheat futures sharply higher.

Crop Progress

For those still interested, the weekly Crop Progress report was out yesterday afternoon and showed corn good/excellent ratings at 54%, unchanged from last week. Beans were at 57% g/e, unchanged from last week.

MOAR YIELD ESTIMATES

IHS Markit, which is now a part of S&P Global, released their corn and bean estimates yesterday. They have the U.S. corn yield at 171.6 bushels per acre, putting production at 14.040 billion bushels. They have soybeans at 51.3 bushels per acre, with production at 4.471.

Tech Talk

Check out yesterday's Tech Talk to see the technicals we are watching for today's session

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