Corn with Strong Gains this Week

• September corn futures added 52 cents this week to close at 616-1/4
• New crop December corn futures added 55-3/4 cents this week to close at 620
• This was the best week for the entire contract life of December 2022 corn and exceeded the previous best week of 2/28/22 when new crop corn rallied just shy of 50 cents
• The 6-10 day and 8–14-day forecasts point toward intense head and mostly below normal precipitation
• December corn futures traded above, but closed right at the 200-day moving average to end the week. Traders will watch for a close above this level next week, signaling upside potential
• Heat and dryness are expected to continue in Europe as the calendar flips to August

Soybeans Sharply Higher on the Week

• September soybean futures added 159-3/4 cents this week to close at 1487-1/4
• November soybean futures added 152-3/4 cents this week to close at 1468-1/2
• This was the best week for the entire contract life of November 2022 soybeans and exceeded the previous best week of 4/4/22 when new crop beans rallied just shy of 89 cents
• A warmer and drier outlook for the start of August reinterested buyers in the soybean complex
• Front month soybean meal futures added over $45 per ton this week, posting their best week since July of 2012
• With today’s push higher, November soybeans recovered 62% of the June 9^th high to July 22^nd low
• The spending bill reached by the US Senate this week would extend a $1 per gallon tax credit for biodiesel and renewable diesel through 2024, this helped support the soybean complex this week

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All Wheats Follow Row Crops Higher

• September CBOT wheat futures added 48-3/4 cents this week to close at 807-3/4
• September KC wheat futures added 54-1/2 cents this week to close at 874-1/2
• September spring wheat futures added 35 cents this week to close at 906
• Wheat followed other grains higher this week as threatening weather to row crops is expected over the next two weeks
• Uncertainty about the ability of Ukraine to export wheat through the Black Sea also helped support the wheat market this week
• Wheat held a long term trendline off of the lows from June of 2020 with its recovery this week, upside resistance remains at the 200-day moving average at $9.18 for CBOT wheat

Tumultuous Week to End Volatile July 

Class III futures posted a positive weekly close with the August contract up 18 cents and September gaining 42, an impressive feat seeing Wednesday and Thursday’s losses totaled $1.00 and 91 cents, respectively. This leaves a tail on the charts for these contracts with a break off the early week high, but the oversold nature of the markets and the fact $20.00 held on the continuous second month chart is encouraging.  Spot cheese had an equally wild week, gaining 3.6250 cents in Friday’s trade, but dropping 3.1250 cents on the week to $1.88375/lb, the lowest weekly close in 2022. Things were quieter for Class IV, which saw its August contract up 34 cents this week to close at $24.81, as that market tries to re-establish an upswing after a moderate selloff in recent weeks.