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Today’s Prices
Grain markets were mixed but mostly a little bit higher today as the trade prepares for tomorrow’s USDA crop report.
Grain Market News
U.S. Yield and Production
U.S. & World Ending Stocks
Quarterly Stocks
U.S. Winter Wheat Acreage 2022
South American 2022 Production
Grain Market News
Observed High Temps
This first weather map shows yesterday’s high temperatures. Argentina’s producing area in the upper 90’s and 100’s yesterday. That will continue today, tomorrow, and right into Saturday. Unfortunately for Argentina farmers this has been the case, temperatures in the 90’s and low 100’s for the last 16 consecutive days.
SA 2-Wk Precip Forecast
But grain markets always look ahead and if there is relief in the forecast traders will be somewhat cautious. If we look at the current forecast for today through Jan 19th we see those rains coming in early next week for portions of northern Argentina and then Jan 19-27 additional rains in Argentina’s growing region with rains in southern Brazil as well. If the forecast verifies over the next couple of weeks many areas will get some relief. Permanent crop has already been done but if we do get some soaking rains, further crop losses may be avoided.
March Corn Chart
Corn prices have been stuck in a sideways range for about 3 weeks or so. The low end of the range is $5.84. The high end of that range is $6.17 and today’s close at $6.01 virtually dead center in the middle of that range as the trade waits for fresh information to determine the next significant move in the corn market. Similar situation with the stochastics which are dead center in the middle of a neutral range. Again, the trade is waiting for fresh input before making additional moves.
March Soybean Chart
Soybean prices are in an uptrend although we’ve consolidated for about the last week near the $14 level. After hitting a new high last week of Friday, the market has turned a little bit lower on Soybeans. Technical indicators have turned lower as well but it’ll be tomorrow’s crop report combined with South American weather that will determine in soybeans move up or down. Initial chart support would come in at $13.34 with additional support around the $13 level on the downside if we got bearish news. Overhead resistance at $14.15, Friday’s high and then $14.45. This would the next area of overhead resistance if we would get some bullish news. Similar to corn, the soybean market is trading very close to the middle of those chart points.
March KC Wheat Chart
Wheat prices have turned nicely to the upside off of Friday’s low. Technical indicators have turned as well and we would not be surprised to see this market push into the low $8 over the course of the next few weeks. Although tomorrow’s crop report and South American weather will have a lot of say whether wheat goes up or down in the near term.
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