Today’s Prices
Grain markets finished lower today as an improving weather outlook could provide a better planting window for U.S. corn and beans next week.
Weekly Price Summary
Grain Market News
24-Hour Observed Precipitation
Over the past 24 hours we’ve seen some soaking rain in the eastern belt as well as portions of the delta.
While the northwestern belt and northern plains have been mostly dry.
7-Hour Observed Precipitation
Over the past 7 days most areas have seen significant rains.
The northern plains are still trying to dry out from rains over last weekend and as we mentioned most of the central and southern belt has gotten significant rains this week.
There are a few pockets, anything in blue which is less than a half inch in the last week, those are areas where we may see some planting taking place.
30-Hour Observed Precipitation
Over the past 30 days since early April, most areas of the corn and bean belt have seen 3-5 inches of rain and isolated more.
There are areas that are shown in green where they have had less than 2 inches of rain in the last 30 days.
Those would be dryer areas; we are hearing portions of southeast South Dakota and northeast Nebraska have been getting some planting done.
Also, in the central and western plains there has been some planting but most of the belt has been hit or miss at best and many farmers are hoping to get started this weekend or early next week.
7-Day Precipitation Forecast
Most of the rains you see in the eastern belt on the 7-day forecast are rains wrapping up about now, next week looks to be mostly dry.
Unfortunately, in the northwestern belt and northern plains there is 1-2 inches of rain in the forecast over the next 7 days.
This is our biggest concern right now, an area that may have difficulties getting to planting next week in the northern area.
Precipitation Forecast
The first week of the forecast, today through May 14th, shows 1-2 inches of rain in the northern belt and plains and rains wrapping u in the eastern belt.
But many dry pockets do show up in this forecast and that’s why many believe we will get some planting done next week.
The second week of the forecast, May 14th-May 22nd, shows more widespread rain across the belt.
Therefore, next week does look to be our best opportunity for planting.
Temperature Outlook
The 6–10-day outlook shows much above normal temperatures next week and remaining above normal in the second week of the forecast.
As far as precipitation, the 6-10 day does show that dry pocket in the eastern and central belt while it remains wet on and off in the northern plains.
Unfortunately, the northern plains remain wet in the 8-14 day and the eastern belt not dry but back towards normal for precipitation in the second week.
Grain Market News
Corn Supply/Demand
Soybeans Supply/Demand
Wheat Supply/Demand
June Corn Chart
Corn prices pushed lower on a more favorable weather outlook for planting next week and prices made a new low for the move at 7.76.
Today’s prices took out initial support at 7.80, the lows from 2 weeks ago, and we are now approaching our trend line and also the 40-day down around the 7.65-7.70 level.
If we get down to that level technical indicators may get into the oversold range.
The chart and technical indicators are pointed downwards, so it is possible for additional downside risks.
June Soybean Chart
Soybean prices are in adown trend, we took out the lows and we actually broke below some chat support from our trend line and moving averages.
Technical indicators are extremely over sold, although there is no sign of a bottom, yet we do believe that a bottom in the soybeans is getting close. Therefore, this is no place for sales in the soybean market.
June KC Wheat Chart
Wheat prices are opposite, they are trending higher, and the technical indicators are pointed higher as well.
Wheat has reached its overhead resistance level with our down trend line but there’s no sign of topping action and the global wheat situation continues to get tighter due to loss supply projected for India.
Questions or Comments
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