Source: PROGRESSIVE FARMER, 7/12/22

Already under severe selling pressure prior to the release of Tuesday's July 12 USDA reports, all three of the primary ag markets plunged even more following the reports. It seemed much more about outside, macro-market forces than grain and soy fundamentals. Even though the report was regarded as slightly bearish for corn, it was overall fairly neutral for wheat and soybeans. That did not seem to matter, as markets fell harder after the report.

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