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Today’s Prices
Grain markets finished mixed today following USDA crop reports which did not provide any significant bullish or bearish news.
Grain Market News
U.S. Yield and Production
Quarterly Grain Stocks
U.S. and World Ending Stocks
U.S. Winter Wheat Acreage
Corn Balance Sheet
Soybean Balance Sheet
Wheat Balance Sheet
Grain Market News
Observed Surface High Temps
Showing high temperatures yesterday in South America, Argentina’s growing region’s general temperature was 102-105, even some higher temperatures in the far northwest around 110’s. This is extreme temps for any area and is likely reducing corn and soybean growth in Argentina. Temps were not as extreme as we move to the North and East but still in the mid and upper 90’s near Paraguay and Uruguay area in the lower 100’s. Certainly some stressful conditions in the area at this time.
Wednesday’s High Temperatures
This map shows temperatures that are forecast for today Wednesday, and when you look at this map the darker reds are the 100’s. So the entire Argentina crop area will see temperatures in the 100’s today and possible for tomorrow and Friday. We aren’t just looking at hot temperatures, we are looking at record temperatures that are stressing corn and soybean production.
SA 2-Week Precip Forecast
Before we leave with all the bullish news regarding South America weather we do have to point out the 2 week forecast does show a dramatic improvement in weather conditions next week. Over the next 8 days, today through January 20th, we are expecting 1-3 inches of rain in most of Argentina’s growing area. If we look ahead to the second week of the forecast which pushes through nearly the end of January, additional follow up rains are expected in Argentina with solid rains in southern Brazil. Extreme weather conditions for the next 4-5 days with improvement expected next week.
March Corn Chart
Corn prices did drop initially when the crop report came out but then we were able to recover close to unchanged. Leaves our range that’s been intact for nearly a month, with prices close to the center of the recent trading range. South American weather will be the biggest factor in determining price direction next week. If we cannot hold chart support down in the 5.90 range then 5.84 will be the next level of support on the nearby March chart. If we get some friendly news, last week’s high at 6.11 and the previous week high at 6.17 would become the next subjective upside.
March Soybean Chart
Starting prices did start out lower immediately following today’s release but recovered to close to significantly higher. Soybeans have been consolidating for about a week now, overhead resistance on a rally would be 14.15 and then 14.45 on the upside. On the downside, today’s low 13.66 and then 13.34 would be initial if the South Americas weather is bearish.
March KC Wheat Chart
Wheat prices had been in a sharp down trend the previous couple weeks but this week the wheat market looks to be turning upward. Today was a negative day with prices in the double digits or the downside but that chart still looks pretty good. Overall, it looks like the wheat market may have established a low 3 days ago.
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