Today’s Prices
Grain markets finished sharply lower across the board today as Ukraine continues to work on possibilities to allow their grain to work its way into the global market.
Grain Market News
Areas of Russian Control
This map shows the entire country of Ukraine, the areas in red are where Russia has moved in or occupied.
Russia completely leveled the entire port city of Mariupol, that’s to remove any resistance to their occupancy there.
Russia is also controlling the port city of Kherson, but Russia does not control the port city of Odesa.
Grain Market News
Corn Weekly Export Inspections
Corn inspections were considered somewhat negative at 54.7 million bushels were down from last week and below the level needed to reach USDA export forecast.
Soybean Weekly Export Inspections
Soybean inspections at 13.8 were also down from last week and below the level needed to reach USDA forecast which made for a disappointing report for soybeans as well.
Wheat Weekly Export Inspections
Wheat inspections at 12.6, was up from last week but still well below the level needed.
Keep in mind today is the last day of the marketing year for wheat which ends on May 31st compared to corn and beans that end in August.
Grain Market News
3-Day Observed Precipitation
This shows the rain that has fallen over the last 3 days, for the most part Saturday, Sunday, and Monday.
Yellow is over an inch of rain and orange/red is about 3 inches, so we have 1-3 inches of rain from eastern South Dakota, eastern North Dakota, and much of western Minnesota.
That also extends into the southern Canadian prairies as well.
Down in the eastern belt, they had a dry weekend, and it was likely very beneficial weekend for planting with a lack of rain and warm temperatures in the mid to upper 80s and 90s.
U.S. Rivers in Flood Stage
From eastern South Dakota, eastern North Dakota, into western Minnesota still having many rivers in flood stage.
That will contribute to prevented plant acres.
7-Day Precipitation Forecast
Portions of eastern Kansas and Missouri may see too much, the other area that could see some more favorable weather is North Dakota where they may miss out on some of the heavier rains over the next 7 days.
Temperature Outlook
The 6-10 day shows cooler temperatures and the 8–14-day cooler as well for the entire corn and bean belt.
Also, showing above normal precipitation for almost the entire corn and bean belt.
Crops that are in the ground should be doing okay, but in the north, this will cause additional problems for planting.
July Corn Chart
Corn prices were very disappointing from a chart perspective.
After trying to turn higher late last week the market reversed and traded and closed sharply lower making a new low for the move at 7.47 on the July chart.
That’s a very disappointing close and it may signal 7.44 as the next level of chart support.
Technical indicators after chopping back and forth for two weeks did turn lower again on todays sharp break to the downside.
July Soybean Chart
Soybean prices also a disappointing day after making a new contract high at 17.49, closed sharply lower.
Our next level of significant chart support is around 16.60-16.65.
Technical indicators turned down early last week, then turned back up again, and now today has turned them back down.
July KC Wheat Chart
Wheat prices broke through some chart support and closed below the 40-day.
So, a very disappointing day, which keeps the downtrend intact on the wheat chart.
The next level of support would likely be around 11.49, 15 cents below where we closed today.
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