To zoom in on a phone, tablet, or touch screen, place two fingers on screen and move them apart. To zoom out pinch fingers together.

Today’s Prices

Grain prices finished sharply higher today as the back and forth up and down continues for about 2 weeks now.

Grain Market News

Ukraine Pictures

 Today was day 22 in Russia’s assault against an innocent Ukraine.

Grain Market News

7-Day Precipitation

We had mentioned that from the northern Delta through the Ohio valley and even into the lower great lakes in the eastern belt have been too wet.

The heavier rains are scheduled for the Delta into the lower Ohio valley where 3-6 inches could fall over the next 7 days

Dry weather is expected in the far northern plains, but there is some good news, with rains expected of 1-2 inches could fall in portions of the central and southwestern hard red wood winter belt.

That certainly would be good news if this forecast verifies.

U.S. Rivers in Flood

The heavy rains over the past 30 days have created flooding in the northern delta and southern Ohio valley.

Unfortunately, this area could see 2-4 even 3-6 inches of rain over the next week. 

15-Day Observed Precipitation

Over the past 15 days, Argentina has seen pretty good rain in much of its growing region.

That should solidify crop conditions on late developing crop and now a dryer forecast going forward should allow harvest to advance.

As we move into Brazil, first of all I’m going to highlight Brazil’s primary growing region and secondly ill highlight Brazil’s primary suprema corn region.

Rainfall has certainly improved for the southern portion of Brazil, that’s very good news in some areas that were hit extremely hard by drought. They’ve had above normal precipitation for the past couple weeks.

There are still some scattered dry pockets but overall, the forecast does call for pretty good rain over the next couple of weeks.

We don’t see any major issues with the current forecast as long as the rains that are in the two-week forecast develop for the suprema corn crop in Brazil.

Corn Weekly Export Sales  

This first chart for corn, although it may be down from last week it is still a very good export number. 1.836mmt were sold for export last week and that included a good variety of countries including Japan, Mexico, Columbia, South Korea, Spain, Dominican, Lebanon, and Taiwan.

All taking full cargos or more and its worth noting that today’s weekly export sales were over 4 times the level needed to reach USDA’s forecast.

It’s very likely that even though USDA raised the export forecast for corn by 75 million bushels in last week’s March crop report, it’s still very likely that USDA is underestimating exports by as much as 200 million bushels or possibly even more.

With drought hitting the Argentina crop hard, the first Brazilian corn crop hard, and now Ukraine corn virtually unavailable to the world marketplace it makes the US the primary source of exports for the world now through June.

Soybean Weekly Export Sales

Soybean export sales were down from last week but still very good, over a million metric tons at 1.253, that’s nearly 10 times the level needed to reach USDA export forecast.

Due to massive soybean losses in Brazil and Argentina, US export sales for soybeans should remain very good for the next 3-4 months.

We believe that US exports are going to come in above the USDA forecast, keep in mind USDA raised the US exports by 40 million bushels in the march crop report last week.

USDAS may still be too low by up to a 100 million bushels.

Wheat Weekly Export Sales

Looking at the wheat export sales, wheat was very disappointing just a 146 thousand tons, that’s half of the level needed to reach USDA export forecast.

When we look at this chart, we have a handful of very good weeks and a handful of very poor weeks, overall US wheat exports likely tracking close to USDA’s target.

March Corn Chart

Corn prices, although we bounced higher today, are still showing signs of wanting to be in somewhat of a down trend given the fact that the highs were posted over 2 weeks ago and the recent high did not take out the previous high.

We are establishing, at least in the short term, a gradual down trend.

But today was an impressive day so we are getting very mixed signals from the chart and the technical. The chart on the short trend is looking like it may be trying to turn down, similar in the technical indicators where we’ve been up and down.

There has not been a solid pattern on the chart or technical over the last couple weeks.

Current chart support on the July corn is 6.85-6.90 with overhead resistance at 7.47. Todays close at 7.18 was very close of the middle of that trading range.

March Soybean Chart

Soybeans have also been chopping back and forth on the chart and technical with no clear direction for about 3 weeks.

Current chart support is down around the 15.70 range, overhead resistance at 17.41 and todays close fairly close to the middle of that range.

March KC Wheat Chart

Wheat has been more volatile than corn and beans with huge moves up and huge moves down and now chopping back and forth with the limit down yesterday followed by sharply higher today.

The wheat market is currently finding support around the 10.27 level with initial overhead resistance around the 11.15 level.

Todays close at 10.83 is in the middle of that range.

Grain Marketing Recommendations

Questions or Comments

To return to the previous page on your mobile device, click the back arrow in the bottom tool bar.