COMMODITY REPORT

08/04/2022

WEEKLY COMMODITY REPORT: August 4th 2022.

 

OVERVIEW

Over the past five trading days the price trends for corn and soybeans diverged. Corn was lower and soybeans and soybean meal higher but with pronounced inter-day fluctuation. Corn on the CME was down 2.3 percent for September delivery to $6.02 per bushel. Soybeans were up 2.0 percent to $16.18 per bushel for August delivery. The market is still dominated by concerns over drought in some Midwest states, the domestic economy, apparent restoration of shipping in the Black Sea and the consequences of the invasion of Ukraine. Uncertainty is reinforced by the ultimate impact on yields due to the La Nina-induced drought in Brazil and neighboring producer nations. Prices were also influenced by a high but stable Dollar index and only minimal orders placed by China, offset by increasing domestic U.S. demand for biofuels.



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