Grain Express 10/25/22
Posted: Oct. 25, 2022, 7:51 a.m.
Export Inspections
Yesterday's weekly export inspection report showed the following:
-Corn: 470,623 metric tons, within the range of expectations
-Soybeans: 2,288,829 metric tons, above the top end of expectations
-Wheat: 125,582 metric tons, below the low end of expectations.
Crop Progress
Yesterday's crop progress report showed that corn is 61% harvested, in line with the range of estimates. Soybean harvest was reported to be 80% complete, also within the range of estimates. Winter wheat planting is 79% complete, 2% behind the average estimate.
A Look at the Outside Markets
Equity markets have been on both sides of unchanged in the overnight session, crude oil is down roughly 1.5%, and the U.S. Dollar is little changed near 112.00.
Corn
The broken record plays on in the corn market, as prices stay mostly rangebound. The sideways trade keeps our technical support and resistance levels intact.
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Soybeans
January soybeans are defending the low end of the range that dates back to August. It should be noted that the gap in January soybeans is more pronounced than that of November. That gap comes in from 1357-1362 1/4. If that pocket gives way, we could see the selling accelerate with little support until the $13.00, which is technically and psychologically significant.
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Wheat
December wheat futures are hanging by a thread, in terms of support goes. 833-839 is the pocket the Bulls want to defend on a closing basis. A failure to defend this pocket could trigger a bigger break, potentially taking prices back below $8.00.
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