Grain Express 9/26/22
Posted: Sept. 26, 2022, 8:13 a.m.
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Currency Rollercoaster
The USD continued to make new highs overnight as other countries' currencies continue to fall. Last night the British Pound fell so much that it hit a CME circuit breaker which halted trading. These huge swings have big impacts on global imports/exports.
Grain Stocks
The USDA will release their quarterly grain stocks report on Friday. This full-text report, issued four times yearly, contains stocks of all wheat, durum wheat, corn, sorghum, oats, barley, soybeans, flaxseed, canola, rapeseed, rye, sunflower, safflower, mustard seed, by States and U.S. and by position (on-farm or off-farm storage); includes number and capacity of off-farm storage facilities and capacity of on-farm storage facilities. The data is obtained via an off and on-farm stocks survey, the on-farm survey is a probability survey of farm operators, the off-farm stocks survey is enumerates the volume of grain in all known commercial grain storage facilities.
Corn
Corn futures are weaker this morning, hovering near Friday's low, which is also near the lows from the previous week. We've outlined technical support as 665-668 1/2 in previous reports. A break and close below this pocket could spur additional selling pressure. With that said, we wouldn't be surprised to see it hold on the first test.
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Soybeans
Soybean futures took out Friday's low and have completed a full retracement of the monster rally on September 12th, which was the USDA report day. Our bias was outright bearish, but 4-star support was hit this morning, we've had that deiend as 1407 1/2-1415 3/4. This retracement has us moving the bias closer to Neutral.
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