TFM Midday Update 11-08-2022

Provided by Stewart-Peterson Inc.

CORN

Dec corn down 4 @ 6.72
Corn inspections totaled 9.1 mb
Corn is 87% harvested (vs 76% average)
Volume expected to be low with midterm elections today
US corn exports are running over 20% behind last year
Domestic basis levels remain strong, but export basis is weak
The French farm ministry reduced their corn crop to 10.7 mmt (vs 11.15 mmt last month) because of drought

Jan soybeans down 2 @ 14.48
Soybean inspections totaled 95.2 mb
Soybeans are 94% harvested (vs 86% average)
In October, China imported 4.4 mmt of soybeans (the lowest number for October in 8 years)
The possibility of a railway strike is again being talked about
China’s zero-Covid policy is affecting demand
Storms moving across the northern US Plains could bring blizzard conditions and cold weather
In addition to export data and midterm elections, the market will also get inflation data this week

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Dec wheat down 6 @ 8.40, Dec KC up 1 @ 9.58, & Dec MNPLS up 5 @ 9.65
Wheat inspections totaled 6.7 mb
Winter wheat is 92% planted (vs 90% average) and is 73% emerged (vs 74% average)
Winter wheat is rated 30% good to excellent (up 2% from last week and down from 45% last year)
Russia is insisting that sanctions be removed before they agree to an extension of the export deal
Russia is offering the world’s cheapest wheat
Parts of eastern Australia are expected to get another 1-3 inches of rain (in already wet areas)

Brandon Doherty