Tuesday August 16, 2022

• Markets continue to slip lower led by soybeans 
• Crop ratings continue to slip – however that is being overshadowed by the beneficial forecasts with cooler temps and widespread rains at a key development period for the soybean crop
• Russia increased their wheat production estimate from 90.9 MMT to 94.7 MMT 
• Ships of corn and wheat are leaving Ukraine 
  • No major hiccups thus far in the safe passage corridor that was opened earlier this month 
• July NOPA soybean crush numbers came in yesterday, slightly lower than estimates at 170.2 million bu 
• Weekly U.S. crop conditions and progress report 
  • Corn fell 1% to 57% good/excellent – continues to trail average of 63% g/e
  • Soybeans also fell 1% to 58% g/e, also below average of 61% g/e 
  • Winter wheat 90% harvested with spring wheat now 16% completed (less than half average pace)
• China remains in the headlines as we continue to get reports of their economy slowing down and growing concern over Chinese tensions in Taiwan