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Why Did Beans Were Lower Today and the Crop Progress Report 8/29/22

Highlights


Ukraine has started or will start a counter-offensive to retake the Kherson region (oblast they call it) in southeast Ukraine. That is wheat country and a Kherson is port city, which is why wheat was so strong today. Corn was strong because the Pro Farmer Tour bullish corn numbers were released after the close Friday and because wheat was so strong today. Feed rations can be 20% wheat to replace corn, so, to that extent, wheat can pull up the price of corn. Also, Ukraine is probably done shipping old crop corn and will be selling loading wheat until late fall.


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