Grain Express 9/29/22
Posted: Sept. 29, 2022, 8:46 a.m.
Oliver Sloup put out three things to watch in yesterday's grain commentary for the CME Group. Click to watch!
Weekly Export Sales
Corn: Net sales of 512,000 MT for 2022/2023
Soybeans: Net sales of 1,003,000 MT for 2022/2023
Wheat: Net sales of 279,800 metric tons (MT) for 2022/2023
Quarterly Stocks Report
The USDA will release quarterly stocks data on Friday, 11am CT. The average analyst estimates are as follows: Corn, 1.512 billion bushels; Soybeans, .242 billion bushels; Wheat 1.776 billion bushels.
U.S. Dollar
The U.S. Dollar had a "key reversal" yesterday, which means it made new highs and then closed below the previous day's low. There has been little follow-through selling today, but if the dollar does soften over time, it may offer a tailwind to commodities, such as corn.
Corn
December corn futures flirted with a technical breakdown yesterday but were able to recover with some help from a reversal in the US Dollar. If the dollar continues to soften up, we could see the market grind back towards 678-682. As mentioned for multiple weeks, we think there will continue to be plenty of short-term opportunities for participants on both sides of the market.
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Soybeans
November soybeans dipped below the psychologically significant $14 handle yesterday but were able to recover. This was about the opposite as the previous session. Over the last two full trading sessions you can see that weak hands on both sides of the market were likely shaken out.
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