The US corn crop was rated 57% good to excellent, the same as last week.
Temperatures will be hot this week in the western Corn Belt, but parts of the northcentral Midwest have chances for rain over the next five days or so.
The Fed is expected to issue another interest rate increase tomorrow afternoon, which may ultimately affect commodity prices, as well as renew concerns about recession.
Crude oil is higher at midday, and is at the highest level since April.
The US soybean crop was rated 54% good to excellent, down 1% from last week.
August soybean oil closed at 71.99 yesterday. This is the highest close in over a year.
India will reportedly import 46% more edible oils in July than in June, and are building supplies with exports of Ukrainian sunflower oil being cut off.
China’s purchase of US soybeans yesterday was the first by them since late June.
The US spring wheat crop was rated 49% good to excellent, down 2% from last week.
The US winter wheat harvest is 68% complete, vs 77% average.
Russia attacked grain warehouses and infrastructure at the port of Reni in Ukraine (near Romania). There is still much uncertainty as to how much grain they will be able to export at this point. Reportedly, 30 vessels have been stranded along the Danube river.
Despite their domestic wheat prices surging, Russia still is the cheapest source of wheat globally.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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