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Today’s Prices
Grain prices finished mixed today as USDA provided mixed supply and demand information in its Quarterly Stocks report.
Grain Market News
Quarterly Stocks and U.S. Wheat Prod.
U.S. Corn Supply & Demand
U.S. Soybeans Supply & Demand
U.S. Wheat Supply & Demand
Grain Market News
High Temperatures
Harvest is racing ahead with temperatures in the mid to upper 80’s across most of the belt yesterday until a cold front started pushing through producing rains in the Plains.
2-Day Observed Precipitation
A lot of areas in KS and NE saw anywhere from 0.5-1.5” with locally 2-3”. Some of the rains have pushed into IA where we see 0.5-1.5” in portions of western IA while warm, dry sunny weather continues in post of the eastern belt where harvest should be racing ahead.
U.S. Radar
You can see the rains in the Plains pushing towards the northwestern belt while the eastern belt remains high and dry at least for now.
7-Day Precipitation Forecast
Most of the heavier rain in the Plains will move off to the east and northeast, giving the eastern belt rain over the weekend. While mostly scattered precipitation will be seen in the northwestern belt and very little precipitation, possibly no precipitation in the far northern Plains. This rain event is certainly going to cause some delays, but it doesn’t appear to be a major problem as it looks like warm, dry weather will start to kick in again beginning next week.
December Corn Chart
Corn prices had an interesting day on the charts posting a new high easily this morning at $5.48/bu and then turning around the trading 10-12 cents lower before closing just 2-3 cents lower. Overall, today’s trade gave mixed signals to the chart. Initial support at our uptrend line and our 10 and 20-day moving averages. That support held at least today but the reversal downward off of the early morning highs was enough to turn the technical indicators to the downside. A little bit of something for everyone on the corn chart today and it does look like we have solid chart support in the $5.25 level on the Dec chart.
November Soybean Chart
Beans had a disappointing day after trading higher earlier this morning, turned around and closed sharply lower at a new low for the move. That’s a very disappointing turn on the chart, making a new low for the move and the lowest price we’ve seen since June. The sharply lower trade and disappointing close has turned the technicals back to the downside so there is additional room for some downside pressure with the double bottom at $12.42 and $12.40. The next target on soybeans, closed at $12.56, so about another 15 cents of downside potential based on today’s chart and technical formation.
December KC Wheat Chart
Quite a different looking chart here where prices surged higher today. Closed sharply higher posting a new high for the move at $7.37. Not only does the chart look good for wheat but the fundamentals look very solid and support today as well following today’s reduction in the wheat crop and lower than expected stocks.
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