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Today’s Prices
Grain Market News
Weekly Corn Planting Progress
A week ago, we saw planting go from 4% to 7%, that was a 3% advance and this week we went from 7 to 14%.
But normally this week, the first week of May, we would have planted 19%. So, you can see we are running well behind the average.
Next week’s planting progress, even if we planted between 7-10%, that’s still going to be well below what would be average for this time of year.
U.S. Corn Planting Progress
When we run the cumulative, we are now 14% planted, that is well below last year when we were 42% planted at this time.
Keep in mind in 2019 we remained extremely slow, and we planted quite a bit of crop from June 1st and beyond.
Next week we could plant somewhere between another 7-10 % which could push us in the low to mid 20s, but that is still an extremely slow pace for planting in the US.
Winter Wheat Crop Condition
Crop conditions remain steady at 27% good to excellent, that’s the lowest going back to 1996 and near record low for this time of year.
It’s possible that some of the rains in eastern Kansas and Nebraska could allow the crop to improve a little next week, but we are still looking at conditions that are near record low as we move towards the middle portion of May.
Grain Market News
14-Day Observed Precipitation
We know that it’s been wet over the past 2 weeks, this map shows 14 days of precipitation and there are very little holes in the precipitation.
Down in the southwestern plains there has been some dry areas, on the eastern seaboard and the far southeast US, as well as a little less in Ohio.
But the vast majority of the US corn and bean belt and the heart of the US corn and bean belt has seen significant amounts of rain in the past 2 weeks.
7-Day Observed Precipitation
A little bit less rain in the Ohio valley in the far eastern belt, but they had rain during the day today.
Very few areas have actually seen an open window, one is in western North Dakota along the Montana border but that’s not the heart of the belt, the far southwestern plains have seen some dry pockets but that’s not the heart either, or the far southeast.
48-Hour Observed Precipitation
Yesterday the western half of the belt got rain, overnight last night in to today the eastern half of the belt is getting rain.
As I mentioned Michigan, Indiana, Ohio is being filled in during the day today. So, we are again seeing very little open pockets where planting can take place.
In the far northwestern belt and into the northern plains, the Dakotas and Minnesota they haven’t seen rain over the last 24 hours, but they were saturated and I’m hearing very little to no planting taking place at this time.
High Temperatures
Yesterday’s high temperatures were in the low to mid 40s in most of that are up north, so the area that did not get much for rain has been very cold therefore very little drying taking place.
Soil moisture is also still very saturated.
7-Day Precipitation Forecast
We have rain falling in the eastern belt today and another system entering the central and heart of the US corn and bean belt late Wednesday into Thursday/Friday.
Then a weekend event across the northern belt.
We will see very little progress taking place this week.
Temperature Outlook
Our 6-10 day does show the warmer temperatures and possibly some dryer conditions for the eastern belt.
That’s the window of opportunity that we see for the eastern belt, unfortunately we see some cooler weather approaching the northern plains with much above normal precipitation.
The 8-14 day shows cooler temperatures in the western and northwest and more wet weather in the central and northern areas.
July Corn Chart
Corn chart today started out higher and then fell, the bottom line is that corn prices are somewhat consolidating near the upper end of the recent range.
Chart support currently at 7.80, that’s 13 cents below where we posted today with overhead resistance at 8.24 which is about 30 cents above where we closed today.
July Soybean Chart
Soybean prices are attempting to break through chart support.
Today we made a new low for the move at 16.29 the market has now fallen over a $1 from the highs posted over a week ago.
With the prices coming down towards some significant chart support and technical indicators getting down low, even though we don’t see signs of bottoming action, this is no place to be making sells with an overall uptrend in place.
July KC Wheat Chart
Wheat prices are also pending lower, wheat prices are down over a $1 from the highs posted about 2 weeks ago.
Technical indicators are getting into the oversold region for the first time going back to January, even though there is no sign of a bottom, at least not yet this is no place for sells.
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