Today’s Prices

Grain prices finished mixed today, although corn and wheat were sharpy lower due to ongoing talk of the possibility of a safe grain shipping corridor from Ukraine.

Grain Market News

Winter Wheat Crop Conditions

U.S. Corn Planting Progress

The US advanced planting to 86% complete, so we are getting closer to average based on the aggressive planting over the last 3 weeks.

Weekly Corn Planting Progress

The biggest week for planting would be the very end of April and the first of May.

This year our biggest planting week was the third week of May and then we planted aggressively two weeks ago and last week as well.

Soybean Planting Progress

Bean planting advanced to 68% complete, still behind average but now improving and well above the slow year of 2009.

Soybeans are being planted about a week and a half behind schedule across the U.S.

North Dakota Planting Progress

North Dakota is still the furthest behind, looking at the pace on corn this year North Dakota is currently 56% planted.

That is near record low as you can see from this chart.

North Dakota Planting Progress Chart

Corn is 56% planted compared to 83% on average, so North Dakota is 27% behind the average pace.

Soybean planting is 23% complete, so it is 47% behind the average pace.

Wheat is 59% complete, so it is 32% behind the average pace.  

U.S. Prevented Plant Acres

Last year we had a near record low prevent plant of 1.27 million acres, this year we believe we are at least at 4.27 million which is up 3 million from what was likely expected back in March.

If the weather dos does not start to cooperate this number could get up to 5-6 million.

U.S. Prevented Plant Acreage

Grain Market News

7-Day Precipitation Forecast

The forecast shows for the most part .75-1.25 inches over most of belt with a few areas with more.

Overall, we view this forecast as quite favorable for areas with crops planted.

Temperature Outlook

The 6-10 day shows below normal temperatures for almost the entire belt with much below normal possible in the northern plains.

The 8-14 day also showing below normal for almost the entire belt with the coolest temperatures in the northern plains.

Along with those cool temperatures looks like rainfall is above normal over the entire belt.

July Corn Chart

Corn for September prices are down sharply today.

We are now into a consolidation area that we see back in March/April, basically in the 6.60-6.95 range.

We are not bearish corn from these levels, but the charts do look disappointing.

July Soybean Chart

Soybean prices did fall sharply yesterday but they bounced back a little today.

At least for now finding some significant support in the middle of our range where the 20- and 40-day moving averages are coming into play.

Following yesterday’s sharp break and the fact that there was only a small rally today the technical indicators are pointed downward.

July KC Wheat Chart

Wheat prices have broken out below chart support, so today was a very disappointing day from a chart perspective extending the downtrend and allowing the technical indicators to remain pointed downward as well.

The next level of significant chart support would be the bottom that we saw back in early May at 10.86.

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