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Grain Express 9/22/22

Posted: Sept. 22, 2022, 9:52 a.m.

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Weekly Export Sales

Corn: Net sales of 182,300 MT for 2022/2023

Soybeans: Net sales of 446,400 MT for 2022/2023

Wheat: Net sales of 183,500 metric tons (MT) for 2022/2023

Federal Reserve

Yesterday's Federal Reserve announcement of a 75-basis point rate hike was in line with expectations. Chairman Jerome Powell's continued to talk strongly about the Feds effort to fight inflation, which had the outside markets under pressure on ideas that rates would continue to climb at a higher-than-expected rate.

U.S. Dollar

The dollar poked its head above 111 yesterday and again in the overnight trade, marking new 20-year highs. The dollar is well off the high, but still above yesterday's closing price. Volatility in the currency markets is expected to continue, which may spillover into commodities.

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Corn

Not a lot has changed on the chart over the last 24-hours, as the market remains barricaded between trendline support and technical resistance. In Tuesday's Tech Talk we talked about using rallies as a selling opportunity this time of year but noted a technical breakout above resistance could spur a bigger directional move, with little resistance above $7.00 until the June 21st gap. That gap comes in from 725 3/4-728 1/4.

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Soybeans

Soybeans continue to linger between the 100-day moving average and the top end of the recent range as the market looks for new news to give it new direction. This time of year, we have a hard time getting too bullish, with some bearish seasonals in play. Technically, the chart doesn't show a lot of conviction either way, bullish or bearish.

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Wheat

Wheat futures traded against the 200-day moving average again in the overnight session, which some may see as a failure, but the fact that it wasn't a clear-cut rejection should keep the Bull's toes in the water. A breakout above the 200-day could extend the rally to the July highs, near 950.

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Grains Soybeans Corn Wheat

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