Tuesday August 9, 2022

• Markets seeing some green on the screen this morning as crop ratings continue to slip lower in the U.S.
• U.S. weekly crop conditions report
  • Corn 58% good/excellent down 3% from last week and behind the average ratings of 65% g/e
  • Soybean ratings fell 1% to 59% g/e also trailing average rating of 63% g/e
• USDA report estimates are also coming out for the report that will be released Friday 
  • Trade is expecting to see a decline in both corn and soybean yields in this report due to the inconsistent rains and high temps experienced in the first half of the summer 
• The first cargo of corn that left the Ukraine through the safe passage agreeent was rejected 
  • Reason for rejections is being reported as violating delivery terms (being 5 months late from contract delivery period) however the rejection is raising suspicion regarding the quality of the grain