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Highlights, Crop Conditions, Export Inspections, Markets & Rain Days Update 9/7/22

Highlights


Soybeans were hammered from the opening yesterday as Argentina is trying to motivate growers to sell their beans by offering a better exchange rate through September 30th. We thought this was a non-event because it does not change the supply nor the demand for soybeans. It turned out to be a big deal for at least one day. Argentine farmers have been hanging onto their beans to hedge the 60+% inflation. Other analysts say beans were lower due to China’s additional COVID lock-downs.

The numbers:

  • 800,000 mt of soybean sales were made on Monday, highest daily volume since early 2017.

  • 700,000 mt traded yesterday. It is estimated that 13.3 million mt of old crop beans are yet to be sold. It could keep a lid on beans for a week or two, but it does not change the S&D big picture.

IHS Markit updated their yield estimates to 171.6 bu/ac corn (USDA 175.5) and for soybeans at 51.3 bu/ac (USDA 51.9).

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