Tuesday October 18, 2022

  • Harvest pressure continues to lead markets lower with an overall lack of fresh news for any bulls so far this week 
  • U.S. Crop Progress Report
    • Corn harvest 45% complete – now slightly ahead of average pace
    • Soybean harvest 63% complete – also ahead of average pace
    • Winter Wheat planting 69% completed right on pace with average 
  • Brazilian soybean planting 24% completed – slightly ahead of average pace and so far into decent soil moistures 
  • Yesterday NOPA released their monthly soybean crush numbers, September coming in at 158.1 million bu – below estimates but above the same month last year 
  • U.S. wheat has all but priced itself out of the market with recent futures rally as well as expensive U.S. dollar – contributing to the sell off we are seeing in the wheat futures this week