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Highlights, Beans Basis, Markets & Rain Days Update 8/10/22

Highlights


Yesterday morning, the USDA announced the sale of 133,000 mts of new crop corn to China

DTN’s Digital Yield Tour says corn will yield at 167.2 bushels; USDA is at 177.0 and the average estimate for Friday’s USDA production report is 175.9 bushels. DTN Tour see beans at 48.9 bushels; USDA’s at 51.5, average estimate is 51.1 bushels.

The first shipload of grain from Ukraine since February arrived in Lebanon yesterday. It was rejected and not allowed to unload. Typically, what happens in such a case, a new price is negotiated and unloading commences or a nearby port has a buyer willing to take the distressed grain and a distressed price, of course. This ship was already loaded with corn when the war began in six months. These ships are not designed to store grain for six months. Of course, the corn lost quality condition as did every other ship loaded with Ukrainian grain six months ago and sitting in port with the bulkhead getting cold and then hot and then cold again.


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