TFM Midday Update 8-26-2022 - Total Farm Marketing by Stewart-Peterson

Provided by Stewart-Peterson Inc.

CORN

Sep corn up 12 @ 6.70
The Fed Chairman Powell’s speech this morning may impact financial and commodity markets
Ukraine has been mostly shipping corn to this point, and the corridor deal expires in October
China’s corn crop should not be affected much by the drought conditions in southern regions
January corn on China’s Dalian exchange is around the equivalent of $10.17 per bushel

Sep soybeans up 31 @ 15.84
Private exporters reported sales of 146,000 mt of soybeans for delivery to unknown during the 22/23 marketing year
The market is still concerned about overall demand (especially to China) and talk about a record 2023 bean crop in Brazil at 153 mmt
US soybean crush margins remain high, incentivizing processors
November soybeans on China’s Dalian Exchange are around the equivalent of $20.13 per bushel

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Sep wheat up 17 @ 7.87, Sep KC up 16 @ 8.85, & Sep MNPLS up 7 @ 8.90
US southern plains have seen some rains which should help conditions there
China’s rice and wheat crops are potentially in dire straits with extreme drought affecting those growing regions
The Zaporizhzhia nuclear power plant in Ukraine has been reconnected to the grid – it had been disconnected after fires broke out and there was concern of radiation leakage
Ukraine’s wheat harvest is reported to be 98% complete at 18.8 mmt (compared to 32 mmt last year)

Brandon Doherty