Tuesday July 19, 2022

• Markets down today, losing most of the gains packed on yesterday
• The overall steady crop ratings has eased some of the markets concern over the impact the weather is having on the corn yield putting pressure back on the corn and bean prices
• Russia’s Ag Ministry is reporting wheat yields up 24% from last year 
• USDA weekly Crop Conditions and Progress Report
  • Corn – conditions remained stable at 64% good/excellent, remaining on par with average conditions
  • Soybeans – fell one point to 61% g/e, now only one point off the average rating of 62% g/e
  • Winter wheat harvest is right on track, progressing to 70% completed, right in line with average pace of 71% completed 
• Wheat market is waiting to see if Egypt will announce purchases of American wheat later today 
• Better chances for rain across the U.S. popping up on the 6-10 day forecasts