8/4/2022
Sheila Schelske-Grain Marketing Specialist
August 4th Agtegra Morning Market Insight


CORN: As of 8:20– Sept= Up 1 ¾ ; Dec= Up 2 ¼
Export Sales estimate 0-12 mbu for 2021/ 2022 corn and 4-16 for 2022-23. Actual sales 21/22 were down 2.3 from last week and up 10.11 for next year. Ethanol grind is up 2.2% vs las week at 1,043,000 barrels/ day for the week ending in July 29^th. Stocks were 23.394 mb which is up 0.066 mb from the prior week and well above trade estimates.
SOYBEANS: As of 8:20 – Nov= Up 14 ½
Export sales estimate from 4-7 mbu for 2021-22 and 7-26 for 2022-23. 2021-22 is actually up 0.4 and 2022-23 is down 15.09. Private exporters reported sales of 135,000 metric tons of soybean cake and meal for delivery to Poland during the 2022-23 marketing year. May be related to the natural gas shortfall that is expected to in Europe over the next few months.
WHEAT: As of 8:20– KC Sept= Up 4 ½ ; MPLS Sept= Up 9
Analysis of daily trading ranges confirms the volatility in nearby wheat futures as is shows daily trading ranges of nearly double the previous 5-year average. The Southern HRW belt acreage could see a sizeable increase given a strong demand for pasture as well as a quick turnaround on silage acres.