Weekly Corn and Soybean Updates

Jul 22, 2022

Another tough week for the corn market. September and December corn started the week at $6.10 and closed the week at $5.64. Nearby forecasts added in some milder temperatures as well as some isolated rain events. Despite the forecast pressure many areas are struggling to get any meaningful moisture amounts. The extended forecast also brings above average heat and below average precipitation for a large portion of the corn belt. There were agreements signed today between Ukraine, Russia, Turkey, and the United Nations to allow grains to export out of Ukraine. This will add some much-needed grains to the world market, with most of it going to countries that are struggling for food.

Soybean following a similar pattern with August soybeans starting the week off at $14.78 and closing the week out at $14.34. November starting the week off at $13.55 and closing at $13.15. Despite the 40-cent loss in soybeans, they did find some support on Friday with an extended forecast that shows a slightly dryer and warmer August. August is a critical month for soybeans and can make or break a crop. Soybeans were subject to pressure from crude oil this week as it bounced between $90 and $100 per barrel.

Chicago wheat under heavy selling pressure on Friday from the signing of the grain export deal between Ukraine and Russia. Starting the week off at $7.87 and traded most of the week higher but a 47-cent loss on Friday brought wheat down to $7.59. Wheat took the biggest hit of the grains from the Ukraine export deal since most of the grain exports will be wheat. Russia also announced it was bringing in combines to harvest the Russian controlled areas of Ukraine as the spring wheat crop gets close to harvest.