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Today's Market Summary 7/5/22

It appears the rain in parts of Iowa and Illinois coupled with the fear of the economic end of the world were the two reasons grain and oilseeds were so weak today.

Economic points

The US 2-year treasury note interest rate traded above the 10-year treasury bond interest today.

Normally, long term interest rates trade higher than short term rates because the market is less certain about the state of the economy ten years from now than it is two years from now.

Just like when old crop is a higher price than new crop corn, it means the market is more concerned about short term availability than it is in the long run, even though the old crop is in the bin and the new crop is not “made” yet or perhaps not even planted.

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