Morning Calls & Comments (7/12/22)
Corn: 8 to 12 cents lower
Soybeans: 18 to 22 cents lower
Wheat: 10 to 15 cents lower
Cattle: Steady/weaker
Hogs: Steady/weaker
Grain and soy futures faced heavy selling pressure overnight after low-range closes on Monday. The selling overnight was part of a broader risk-off trade in the commodity sector. Crude oil futures are more than $4 lower this morning and below $100. The U.S. dollar index reached a new 20-year high overnight and is at parity with the euro for the first time in nearly two decades. The euro has dropped around 20% over the past 14 months due to economic concerns. The last time the dollar and euro were at parity, the euro eventually dropped below 90.00 in 2000.
