Outside markets stabilizes grains. October 21, 2022
We'll call this week's net -1 cent decline for the dominant January contract a win. At one point this contract was -38 3/4 cents. The trade has lowered its concern for US soybean exports after yesterday's positive weekly report. This has slightly increased the trade's hopes of holding USDA's current 200 million bushel ending stock view ($14.00 implied). It is also important to note how today's trade occurred despite multiple closures of the river. Outside markets, at least for today, were also considered positive.
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