Grain Markets Commentary
More rain in week 2 for the WCB?
Corn and soybean futures pulled back from yesterday’s higher finish as the overnight forecast looks less threatening in week 2. We have high volatility in a weather market, so we have some big trading ranges. Would think the market will need to see some of these rains confirm before we test last week’s lows even with seasonal pressure. Corn conditions held steady at 64% GTE while soybeans lost 1% to 61% GTE. The US Trade Commission dropped anti-dumping tariffs on fertilizer from Russia and Trinidad & Tobago. This would have more to do with 2023 prices and beyond than 2022. Watch this overnight low of 5.88 for corn and 13.49 for soybeans as support.