This Week in Commodities 09-09-2022

Corn Finishes the Week Higher

  • December of 2022 corn futures added 19-1/4 cents this week to close at 685
  • December of 2023 corn futures added 11-1/4 cents this week to close at 626-1/4
  • The USDA will release its September WASDE report Monday, analysts are looking for US corn yield to come in at 172.5 bushels per acre, down from the 175.4 USDA estimate in August
  • Four weeks of USDA export sales data will be released on September 15, a technical misstep during the launch of a new export sales reporting platform has deprived the market of this weekly report since August 25
  • The US exported 306.9 million pounds of beef during July, this was down from June, but up 9.9 million pounds from July of 2021. Strong shipments to China were much behind the strength
  • This was the first weekly close above the 200-day moving average for the continuous corn chart since late June even as crude oil futures tumbled to eight-month lows


Soybeans Post Modest Gains

  • November of 2022 soybean futures shed 8-1/4 cents this week to close at 1412-1/4
  • November of 2023 soybean futures added a 1/4 cent this week to close at 1350-1/4
  • The USDA will release its September WASDE report Monday, analysts are looking for US soybean yield to come in at 51.5 bushels per acre, down from the 51.9 USDA estimate in August
  • The USDA Beijing attaché this week said China will import 96.5 million tons of soybeans in 2022/23, below its official 98 million tons
  • Argentina’s farmers sold 3.1 million tons of soybeans early this week after the government issued new foreign exchange incentives. The Argentinian government taxes soybean exports at 33%
  • Even with the expected yield cut from the USDA on Monday, a second consecutive year of near record US soybean production is expected

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Wheat Sharply Higher this Week

  • December CBOT wheat futures added 58-1/2 cents this week to close at 869-1/2
  • December KCBOT wheat futures added 51-1/2 cents this week to close at 929-1/4
  • December MGEX wheat futures added 37-1/2 cents this week to close at 927-1/2
  • CBOT front month wheat prices rallied to their highest levels since mid-July this week and closed near their weekly highs
  • Russian President Vladimir Putin said Russia and the developing world had been “cheated” by the Ukrainian grain export deal because exports were not going to the poorest countries as originally intended
  • Strength this week in the wheat markets in the face of a rallying US dollar to start the week show prospects for a short-term bottom in the wheat markets being established


Strong Week for Dairy

The second month Class III chart is testing a break above $21.00 again, as the October contract added 99 cents this week. It’s Class IV counterpart was no slouch with a gain of 77 cents in the first full week of September with a $24.40 close, keeping a large premium intact. It was a big week in the spot markets with the block/barrel average up more than 11.00 cents to push to a seven-week high. Meanwhile, spot butter traded to a new all-time high at $3.17/lb on a 7.00 cent gain as powder continued its recovery with a 5.50 cent jump. On Monday, the USDA will release the September WASDE report, which is likely to add fuel to the volatile grain/feed markets, but otherwise it will be a quiet week for fundamental updates.


Keegan Madigan

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