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Today’s Prices

Grain markets finished higher today after USDA’s report came out and was considered mostly neutral.

Grain Market News

U.S. Yield and Production

U.S. and World Ending Stocks

Corn Balance Sheet

Soybean Balance Sheet

Wheat Balance Sheet

Grain Market News

U.S. Corn Harvest

U.S. corn harvest is really not much of a factor. The U.S. is 84% complete with harvest. We’ve had good weather the past few days and harvest should continue to push beyond the 90% mark.

U.S. Soybean Harvest

U.S. soybean harvest is 87% complete. That is pretty much right on track and again, favorable weather over the last few days should allow soybean harvest to continue to push towards completion.

U.S. Winter Wheat Crop Condition

USDA rated the winter wheat crop at 45% G/E. That was unchanged from last week and equal to the year ago level.

December Corn Chart

Pretty good day on the chart. Made a new low for this move at $5.47 just prior to the crop report coming out. Then prices shot upward. Now we closed well off the highs, but it was still a pretty good day on the chart indicating we may have seen a temporary bottom again very close to the breakout levels at $5.48. Today’s low at $5.47. If tomorrow’s prices are steady or higher it could turn the technical indicators higher and again, that may open the door to retest the rest highs at $5.86.

January Soybean Chart

Soybean prices had a major key reversal. We made a new low at $11.81, turned around closed above yesterday’s high. Now we did close well off the daily high but nonetheless still a good day on the charts. Enough to turn the technical indicators up from the oversold level and it does appear the chart will be testing overhead resistance first at the downtrend line and then the $12.66 highs posted about 2 weeks ago.

December KC Wheat Chart

Wheat prices also having a good day, outside day up making a new high for the move. Today’s prices trading up above $7.94, up 20 cents from yesterday’s low. The wheat chart does look like it may have put in a temporary bottom. Technical indicators trying to hook as well. There could be some additional upside for wheat with overhead resistance at the recent highs at $8.14

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