Tuesday July 12, 2022

• Markets lower heading into the monthly USDA report that will be released today at noon 
• Todays report not expected to be too dramatic – expecting to see them adjust old crop carryout numbers to reflect what was reported in quarterly stocks at the end of June (slightly higher for both corn and beans), as well as adjust new crop production based on reported acres, we are not expecting to see yield adjustments on this report 
• Weekly crop conditions and progress report
  • Corn 64% good/excellent – right on track with 5 year average ratings
  • Soybeans also right on pace with average at 62% g/e despite dropping a point this week 
  • Winter wheat harvest advancing just ahead of average pace to 63% completed 
• Beyond todays report we will turn back to weather – with corn at sub 90 million acres planted, even with the crop off to a strong start it does not leave much of a margin for error through the summer 
• Soybeans also are without an abundance of acres but we have more time before the weather becomes crucial for that crop – with August being the make or break month 
• Wheat, with nearly all the Ukrainian ‘premium’ taken out of the price we focus more on harvest activities across the Northern hemisphere