Today’s Prices

Grain prices finished mixed today as there was no clear news story to drive prices too far in either direction.

Grain Market News

Corn Weekly Export Sales  

This week’s exports at 66.9 million is a marketing year high and it’s above the 63 million needed weekly to reach USDA forecast.

Today’s corn export inspection was very good.

Soybean Weekly Export Sales

Soybean export inspections were down from last week at 21 million bushels and slightly below the level needed to reach USDA forecast.

We have been consistently running above the year ago level for exports going back to the end of February.

Wheat Weekly Export Sales

Wheat export inspections are wrapping up the marketing year with just one week left for this year.

Today’s export inspection was 11.37 million bushels, one thing we want to point out is since the Russia/Ukraine war began in late February U.S. exports of wheat have not been impressive at all.  

Down the road some world buyers may be forced to buy US wheat given the lack of supplies available out of Ukraine and also shrinking supplies out of India.

Grain Market News

7-Day Observed Precipitation

The best windows for planting have been from portions of South Dakota, Nebraska, into Iowa and northwestern Illinois.

It may include portions of southern Wisconsin and southwestern Minnesota as well.

The eastern belt has mixed conditions, light rains hit the northern Indiana and northwest Iowa, but central and southern portions of the eastern belt saw 1-3 inches of rain last week.

Low Temperatures 5-21

Over the weekend we had cool temperatures including around freezing in the Red River Valley of the north, freezing in northeast Colorado into western Nebraska and western South Dakota as well.

There is not much grown in southwestern South Dakota, but we could have seen a little bit of freeze damage in portions of western Nebraska and northeast Colorado on Saturday morning.

Low Temperatures 5-22

You can see that a larger portion of Nebraska was at freezing temperatures with a lot of 20s reported.

We also saw some low 30s from Sioux City, Iowa into Sioux Falls, South Dakota extending into southwestern Minnesota.

U.S. Conditions

Temperatures showing to be in mostly the 60s which is kind of cool for this time of the year but with things warming up towards Memorial weekend.

We have rainfall moving to the north and northeast out of Nebraska, most of this is going to be welcome.

Although the rains that fall in portions of Minnesota, North Dakota, and northern South Dakota where they are hoping to plant or have begun to plant do not want rain.

7-Day Precipitation Forecast

The forecast shows 1-2 inches of rain from Wisconsin, Minnesota, Iowa, down through eastern Kansas and Missouri.

The eastern belt does look a little bit dryer, that doesn’t mean that they will be completely dry but a half inch to an inch is expected in the eastern belt.

Temperature Outlook

We mentioned earlier that the forecast looks swarmer and wetter going forward and that is very favorable for crops that are already planted and discouraging for those who are still trying to plant.

Generally, a warmer pattern for the bulk of the U.S. corn and bean belt is in place in both the 6-10 and the 8-14 day and a wetter forecast for the bulk of the U.S. corn and bean belt in the 6-10 and 80-14.

July Corn Chart

Corn prices bounced today, showing a little bit of bottoming action on the chart and finding support for third day in a row at the 40-day moving average.

This was enough to turn our technical indicators this morning as well.

If we get, follow through the chart and technical would look much better.

July Soybean Chart

Soybean made a new high overnight at 17.20 but then turned around and closed at 16.87.

The market closed 33 cents off of the overnight high, that was a disappointing close and did start to hook the technical.

July KC Wheat Chart

Wheat prices had an inside day which means no new highs or lows. We did close significantly higher on the day.

If we could see some follow through, we could start to see a little turn on the chart and potentially see the technical turn as well.

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