USA: Soybean, corn production remains uncertain with various global circumstances

What is known is that the USDA forecast record-high US soybean production in 2022, corn production is forecast lower, the winter wheat crop is known with seemingly good quality across the board and the spring wheat crop is much larger and in far better shape than a year ago as harvest gains momentum. Soybean oil and soybean meal have traded the spotlight in driving the soy complex. Wheat, corn and oilseeds are again flowing from Ukraine’s Black Sea ports even as the war in Ukraine drags on. The value of the US dollar that was near 20-year highs not long ago has been waning and now may provide a boost to US exports. Crude oil prices are well off recent highs, possibly dampening demand for biofuels, especially corn-based ethanol. Freight rates are down across most modes of transportation, but logistics remain a challenge. Hot, dry weather has challenged fall crops in the United States and Europe but recently has improved in the United States, while late-season weather surprises can ...