Grain markets finished mostly higher today as Russia’s president Putin says that no grain corridor will be allowed unless all sanctions are removed and that is not going to happen, which was a bullish story pushing corn and wheat higher today.
Weekly Price Summary
Grain Market News
U.S. Corn Monthly Ending Stocks
Corn is at 1.440 which is slightly above last year’s final ending stocks of 1.236 but the trade believes that this number could get smaller as we move through the summertime months if demand comes in larger.
U.S. Corn Ending Stocks
U.S. Soybean Monthly Ending Stocks
Soybeans in January USDA projected this years ending stock at 350 million bushels but hey have declined consistently and we are down to 235 which is below last years final ending stock.
U.S. Soybean Ending Stocks
U.S. Wheat Monthly Ending Stocks
Wheat was lowered by 23 million bushels for this current year to 655, this 655 is not likely to change significantly as we are approaching the end of the marketing year.
U.S. Wheat Ending Stocks
Grain Market News
3-Day Observed Precipitation
Over the past 3 days we have seen some drying conditions in North Dakota, and adjacent areas of South Dakota, Minnesota.
We are likely now going to see some planting taking place finally.
The rain that has fallen is likely welcome in most of the central bet from Nebraska, into Iowa, Northern Illinois. While the southern portion of the eastern belt and then into the Delta has seen significant rains that are probably lowing the final touches of planting.
7-Day Precipitation Forecast
There is still rain in the forecast for North Dakota and adjacent areas that could become a significant issue over the weekend causing prevented plant.
The eastern belt looks like it might see some net drying.
Further rains in Nebraska, Kansas, Oklahoma, and Iowa would be mostly welcomed as well.
This first week now through June 4th we see rains becoming an issue for North Dakota.
In the 2nd week more rains especially in central, southern North Dakota, into western Minnesota, northern South Dakota.
That could continue to challenge and cause problems through the middle of June if this forecast is correct.
July Corn Chart
Corn prices have found some bottoming action over the last 2.5 days.
Today was a big up day in the corn market and today’s high at 7.80 is 25 cents off the low that was posted on Wednesday morning.
The upturn and the short-term trend chart also allowing the technical to turn up as well.
Corn today came right up to where all the major moving averages converge and if we break through that then overhead resistance comes in at the 7.90 level.
July Soybean Chart
Soybean prices made a new high for the move today at 17.44, this took the contract high from February 24th at 17.41.
The short-term trend is upward and if beans can close above this sideways range, we could turn all trends up next week.
July KC Wheat Chart
Wheat prices bounced off the chart support this week and the short-term chart does look better with today’s high at 12.52, 59 cents above the lows posted on Wednesday morning.
Technical indicators are pointed downward but if this market can close higher on Tuesday technical indicators would likely turn as well.
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