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 markets finished mostly higher, but a little bit mixed today as the trade continues to wait and see how the war between Russia and Ukraine develops over the next couple weeks.
Grain Market News
U.S Corn Monthly Ending Stocks
USDA lowered ending corn stocks by a 100 million bushels down to 1440.
The items that we presented on the previous page would indicate that stocks could continue to slip lower if any of those items or combination of those items continue.
That may be very similar to what we seen last year when stocks continued to split through Spring and early Summer.
U.S. Soybean Monthly Ending Stocks
US stocks for soybeans has already been declining over the past couple of months.
And if any one of those items continues to evolve, we could see ending stocks continuing to decline on soybeans and possibly reaching slow as where we were at last year.
Again, this could contribute towards prices working towards and into new highs.
U.S. Wheat Monthly Ending Stocks
Our wheat stocks have been increasing lately, the lowest we’ve seen over the past 8 years.
Wheat probably is not as likely to see significant changes in the ending stock, partially due to the crop year end on May 31st, so there is less time for those items to develop.
Ending stocks on wheat may hold somewhat steady over the next 2 months, but that is still a level that is the lowest over the last 8 years.
Grain Market News
7-Day Observed Precipitation
We viewed that the weather has improved in some areas, not in all areas but at least some areas.
A good portion of the plains saw some very nice rain over the last 7 days, a lot of it over the last 203 days.
Some of that rain even moved into the western belt, southern and southeastern Nebraska, western and southwestern Iowa, northern Missouri, etc.
This area was very dry and now they have received some decent rain.
We still haven’t got much rain in north central Nebraska through South Dakota and southern Minnesota, but its still early that far north.
U.S. Radar
The radar shows the system moving out with rains in the northern belt pushing off to the north and east and the rains down in the Delta pushing off to the north and east as well.
Snow Depth
The snowpack has been reduced dramatically over the last week or two, the only remaining snowpack is in far northern and northeastern North Dakota and extreme northwestern Minnesota.
The bulk of the US corn and bean belt is now snow free.
That doesn’t mean that snow can’t fall but at least we have reduced the snowpack in the far North and that limits the opportunity of flooding.
It doesn’t mean that you can’t have flooding but at least as the snowpack is reduced it reduces the opportunity or the odds of major flooding
7-Day Precipitation Forecast
This map shows the rains wrapping up in the central and northeastern belt as that system moves off and rains moves off to the east. Then we should enter a drying period which may allow for early planting to begin down in the southern Delta region.
Our US weather would not be considered ideal, we still have some dry pockets, still have some areas that are too wet, but at this time we don’t view any major problems given the fact that it is still very early.
March Corn Chart
For the most part we have been chopping sideways for the last 2 weeks or so.
Last week we pushed towards the lower end of that range, this week pushed back towards the upper end of the range.
We do feel that really anything within this range is fair game over the next few weeks.
As the markets chopped sideways, the technical indicators have chopped sideways as well.
March Soybean Chart
Soybean prices are in an uptrend, we have been in mostly a sideways range recently, but the soybean market is one that is hinting at trying to breakout.
The contract highs were set at 17.41, todays close at 16.78. So, we are still over 60 cents from the contract highs posted 3 weeks ago.
With the soybean market rallying over the past few days, pushing to new highs for this move, technical indicators have pushed higher as well.
March KC Wheat Chart
Wheat prices rallied dramatically when Russia invaded Ukraine and then fell dramatically as well. Now the wheat market has been chopping back and forth in mostly a sideways range for the last couple of weeks.
Today the market rallied towards the upper end of the recent rage, but then turned around and closed at 11.09, 38 cents below the daily high.
At this time, we have a double top around the 11.47 and a double bottom around 10.27, that’s a wide range but look at the way we’ve traded up and down within that range.
We could see more of the same in the next week or two.
Questions or Comments
To return to the previous page on your mobile device, click the back arrow in the bottom tool bar.