Grain Express 8/5/22

Posted: Aug. 5, 2022, 7:32 a.m.

Fundamental Snapshot

China

-China has imposed undefined sanctions on House Speaker Pelosi. Beijing says it will cease cooperation on multiple issues in retaliation to Nancy Pelosi’s visit to Taiwan. Those issues include military drills in Taiwan and Climate change (which is laughable). The lingering concern would be the potential that this escalates to trade relations.

Ukraine Grain

-Three more ships carrying corn have left Ukranian ports. The ships are headed to Ireland, the United Kingdom, and Turkey. Much of the grain leaving will be used for feed.

Rumors

-There were rumors yesterday that China bought 2-3 cargos of beans from the U.S. and up to 6 cargos from Brazil, for September.

Outside Markets

-Crude oil made 5-month lows yesterday, despite a sharply weaker U.S. Dollar. The U.S. Dollar is at a critical technical juncture, 105-106. This represents trendline support from the February lows and previous resistance in May and June, and the eventual breakout point in July.

 

Continuous chart of U.S. Dollar Futures

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Weather Outlook

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The Technical Landscape

Corn (September)

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Soybeans (September)

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Wheat (September)

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Grains Soybeans Corn Wheat

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