Market Signals Weekly Report

The following are comments and discussion items from the weekly conference call of the Market Signals Team.

Discussion Items:

• Corn and soybean futures dropped last week on demand worries. Wheat traded lower on recession worries.
• News that Biden administration might impose new China sanctions due to Taiwan weighed on commodities.
• Biden administration could begin to buy Crude for SOR near $80. They sold at $100.
• Ukraine, Argentina and Brazil corn prices are lower than US. Russia wheat export prices are lower than US and Argentina soybeans, soymeal and soyoil prices are lower.
• Last week, December corn futures dropped from $6.99 to today low of $6.68. New harvest bushels could weigh on basis.
• USDA estimated US 2022 corn crop at 13,944 mil bu and 172.5 yield. 2022/23 carryout 1,219 versus 1,388 in August.
• Last week, November soybean futures traded from $15.08 down to today’s low near $14.38 on lower demand due to lower SA prices and reduced China demand.
• USDA estimated US 2022 soybean crop at 4,378 mil bu and 50.5 yield. 2022/23 carryout 200 versus 245 in August.
• Last week, December Chicago wheat futures rallied from $8.26 to $8.84 on Black Sea export worries only to drop to today’s low near $8.19 on weak Russia prices.
• US corn crop was rated 53 pct G/E with 10 pct harvest , soybeans 56 pct G/E with 5 pct harvest. USDA est 20 pct US winter wheat crop is planted.
• US south plains are dry. Central China is dry. Most of EU is seeing rains. Russia is seeing rains. Brazil and E Argentina are seeing rains.

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