Grain Express 10/21/22
Posted: Oct. 21, 2022, 8:55 a.m.
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Exports Yesterday's weekly export sales were mostly in line with expectations. Also yesterday, private exporters reported 201,000 metric tons of soybeans received in the reporting period for delivery to China during the 2022/2023 marketing year and 132,000 metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year.
A Look at the Outside Markets Equity markets are weaker as bonds make new lows (higher interest rates). The US Dollar is firm and crude oil has been two-sided, currently near unchanged. |
Corn
December corn futures were able to rally yesterday, following four consecutive days of losses. Yesterday also marked the last day of the corn seasonal; the small rally narrowly made cleared the line in the sand to put it in positive territory.
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Soybeans
Soybeans made a run at the psychologically significant $14.00 handle yesterday but fell just short. The dollar is firming this morning and outside markets are weaker, which may be promoting weakness in some commodities like soybeans. The markets is retreating back near our pivot pocket, 1373-1378 3/4. The inability to get out above $14 yesterday is moving our bias back to Neutral.
Seasonal Trend in Play: November soybeans have been higher from October 4th-October 27th for 13 of the last 15 years.
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