Evening Edition | Wednesday, September 7, 2022
Catch up on a day of rollercoaster markets, news of potential avian influenza outbreaks, and improved soybean conditions in Iowa.
Al Kluis of Kluis Commodity Advisors says, "What a roller coaster today in the grain markets. The news that Putin may not continue to allow grain exports out of the Ukraine rallied wheat sharply higher and this then pulled the corn and soybean markets higher."
This week is when the USDA employees and other enumerators are out weighing the ears of corn, counting kernels, and measuring how many soybean pods are in each square yard.
"I think they will see that the late heat and dry weather is taking a toll on corn and soybean yields," Kluis says.
A drop in global wheat prices in August was partly due to grain exports resuming from Ukraine and ensuring food and fertilizer supplies was critical to maintain a downtrend, a U.N. spokesperson for the Black Sea Grain Initiative said on Wednesday.
U.N. data shows that Turkey has been the most frequent single destination for shipments from Ukraine, with cargoes also going to China, India, Egypt, Yemen, Somalia and Djibouti.
"As of today...we have seen 100 ships leaving Ukrainian ports carrying over 2,334,310 metric tons of grains and other foodstuffs across three continents, including 30 percent to low and lower-middle income countries," the spokesperson also said.
Editor Courtney Love reports on potential risk of another highly pathogenic avian influenza outbreak.
As the fall wild migratory bird season starts, the disease has reared its head in the Midwest.
It was detected in two commercial turkey flocks in western Minnesota and a hobby flock in Indiana on August 31, according to the Associated Press.
In Iowa, soybean conditions improved and corn was unchanged from a week ago, according to the U.S. Department of Agriculture Crop Progress Report released on Tuesday.
Corn and soybeans were both rated 66% good or excellent in that report, a 3-percentage-point increase for beans.
“The seasonal outlooks for September-October-November show a warmer and drier-than-normal signature,” State Climatologist Justin Glisan said. “Not good for drought conditions but helpful when it comes to natural dry-down of crops in the field.”