Nate Bruce, Farm Business Management Specialist, nsbruce@udel.edu
Written 8-25-2022
At the end of every month, I will be writing a grain market outlook and discuss factors influencing the prices of corn, soybeans, and wheat. We saw a tremendous rally in the markets this week starting on Tuesday that has been primarily weather driven as drought has struck vast portions of both the Midwest and the Delmarva peninsula. Uncertainty about carryover is playing into the markets, particularly with corn and wheat. The corn carryover for the current marketing year is estimated at 1.53 billion bushels, up 20 million from July due to ethanol use. New corn ending stocks came out at just under 1.388 billion bushels, down 82 million due to higher feed use and lower production estimates canceling out reduced exports. Old crop soybean ending stocks are at 225 million bushels, 10 million more than a month ago because of lower exports. New crop soybeans are at 245 million bushels, 15 million bushels higher, with a bigger crop production outlook canceling out expectations for improved export demand as well. This is seen particularly in the futures for soybeans. U.S. wheat ending stocks registered at 610 million bushels, 29 million less than July. As of this week, 33 cargo ships have carried grain out of Ukraine. This will be something to watch in the coming weeks especially as the war changes pace. Expect 2022 market volatility to continue into the fall and into 2023. Below are several futures for corn, soybeans, and wheat.
Corn Futures
Soybean Futures
Wheat Futures
