U.S. Dollar The US Dollar traded to 110.785 this week, marking a new 20-year high. Today, the USD is retreating which has offered some support to commodities, but it is far from a verified technical breakdown. Trendline support from the February lows coms in near 107.35. The last traded on the USD as of writing this, 108.735. USDA Report All eyes are focusing in on Monday’s USDA report. The average estimate for the U.S. Corn yield is at 172.5 bushels per acre for corn, down from the 175.4 we saw in August. This drops production estimates from 14.359 to 14.088 billion bushels. The average estimate for soybean yield is at 51.5 bushels per acre, down from the 51.9 that was in the August report. This drops overall production estimates from 4.531 to 4.496 billion bushels. Seasonal Trends A bearish seasonal trend for November soybeans starts on September 17th and goes through October 2nd. This seasonal trend has played out for 13 of the last 15 years with the average decline being roughly 45 cents (which doesn’t sound like much after some of the moves we’ve seen over the last two years).\ Ukraine Grain The market was spooked earlier in the week when Russian President Vladimir Putin suggested the possibility of withdrawing support of the Black Sea corridor. Thus far it has been more words than action, but don’t be surprised to see this headline pop up a few more times. It’s also being reported that there are not enough ships arriving in Ukraine to move out the backlog of grain. | 
