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Today’s Prices
Grain prices continue to work lower based on chart and technical selling and ahead of next week’s USDA Nov crop report.
Weekly Price Summary
Grain Market News
U.S. Yield and Production
U.S. and World Ending Stocks
Grain Market News
3-Day Observed Precipitation
Weather has not been providing any sparks for buyers in the U.S. or globally. Here in the U.S. it has been almost completely dry across the U.S. corn and bean belt over the past 3 days. That is allowing harvest to ramp up again.
U.S. Radar
Today’s radar is virtually absent of precipitation in the central U.S. Only a few sprinkles in western ND. Again, harvest should be ramping very nicely.
3-Day Precipitation Forecast
The 3-day forecast shows an additional spell of dry weather that should allow a lot of farmers to wrap up with corn and bean harvest. Next week’s forecast is a little bit wetter but many farmers will have completed harvest. Bottom line, there is no bullish news from the U.S. weather at this time.
SA 2-Week Precipitation Forecast
Brazil is expecting mostly favorable weather. Soaking rains for central and northern Brazil are welcomed. The only concerned is a little bit drier than desired is far southern Brazil. And that will need to be monitored as we move deeper into Nov. It’s not a major concern now but if they are dry for a couple of weeks, portions of southern Brazil would look for rain by mid-Nov. Argentina’s forecast for the first week shows pretty good rains especially in the central and north. The second week of the forecast shows pretty good rains across all areas. If the forecast is correct, Argentina would be in pretty good shape as we enter mid-Nov. Here again the scenario is the same as the U.S., at this time there is really no bullish weather story for South America or the U.S.
December Corn Chart
Corn prices down sharply for the 3rd day in a row. Today’s low at $5.52 is down 34 cents from the highs posted earlier this week. It’s worth noting corn has come right down to an uptrend line at $5.52 and that is very close to our breakout level of $5.48. Those were the highs posted in early Oct that were eventually taken out and now should provide some pretty good chart support. But at least as of today’s close the chart is still pointed downward and technicals are still pointed downward. Even though we’re sitting on chart support, no sign of bottoming action yet.
November Soybean Chart
Soybean prices down sharply this week. Today’s low at $11.91 is down $0.66 from the highs posted about a week and a half ago. Prices are getting close to chart support from the lows established in Oct at $11.84 and that could provide some good solid support ahead of the crop report that comes out on Tuesday. But the chart is pointed downward and the technicals are still pointed downward as well so no sign of bottoming action in the soybean chart.
December KC Wheat Chart
Similar situation to corn and beans, the market has turned sharply lower over the last 3 days. Technical indicators have been pointed lower as well. KC wheat has some fairly significant support coming in at the $7.64-$7.69 level. We had somewhat of a double top. That was broken going upward, now it’ll become chart support. The 20-day moving average also comes into play. We would expect to find pretty good support in that $7.64-$7.69 level at least in the short term.
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