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Grain Market Insight
Morning Grain Comments 9-30-2022 – The grain markets were higher overnight as we are three hours away from the quarterly stocks report to be released at 11:00 this morning. The StoneX Quick Editorial this morning stated “soybeans led a dismal session of overnight volume but wheat is leading gains this morning, though the entire complex remains range-bound ahead of key USDA stocks and small grains today. Wheat is on the top of its own range, though, with traders continually weary of escalation in Ukraine…” In world grain trade news, KFA in South Korea purchased 2.6 million bushels of corn from South America and Algeria has made some purchases in their tender this week and is expected to make more today with the purchases yesterday totaling about 5.5 million bushels likely from Russia with purchases expected today to be from the E.U. At the end of the night session at 7:45 this morning, Kansas City December wheat was 9.75 cents higher, Chicago December corn was up 4.25 cents, and Chicago November soybeans ended the night session 6.5 cents higher. Have wonderful day and weekend.
Afternoon Grain Comments 9-29-2022 – Good afternoon. The grains were mixed at the end of the day session, with soybeans moving higher, and corn and wheat moving lower. Corn was all about the spreads today, with December and March corn moving lower and future months after that were in the positive. US corn export sales were in the middle of expectations and MYTD sales lag last year by 335 mbu and China accounts for 185 mbu of the lag. Soybeans were much of the same story as corn, with spreads. The November/January bean spread increased its carry by 2.25 cents. Brazil stayed right with US beans penny for penny as it is trying to stay within striking distance of US beans to China. US bean export sales for last week were above expectations and MYTD sales are ahead of last year by 92 mbu. US wheat values were up and down which matches the emotions that follow the Ukraine and Russia situation. Russia had a celebration for the “annexed” territories and Ukraine is still in denial. The most recent drought monitor shows that 64% of the US winter wheat area is under drought. At the close of today’s markets cash wheat was down 9 cents, cash milo was down 1 cent, cash corn was down 1 cent, and cash soybeans were up 2 cents. Have a great evening!
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