Today’s Prices
Grain prices continued to rally today, it wasn’t a big move, but a continued forecast looking at hotter, dryer conditions was the primary driver of prices.
Grain Market News
Weekly Ethanol Production
Ethanol production was down slightly from last week to 1.039 million barrels per day.
That’s slightly below the level needed and overall year to date ethanol production is up 7.8% from last year.
USDS is projecting that corn use will be up 6.8%, so we are still on track to hit the UDSA corn use estimate.
Weekly Stocks of Fuel Ethanol
Stocks of fuel ethanol did increase to 23.626 million barrels, and we currently have ethanol stocks up 18.4% from the year ago level.
Overall today’s weekly ethanol production report was considered somewhat disappointing or negative for corn prices given that ethanol production was down, and stocks of fuel ethanol were up.
Grain Market News
U.S. Ending Stocks
World Ending Stocks
South American 2022 Production
1-Day Observed Precipitation
We saw some additional showers over the past 24 hours.
Southeast Minnesota, northeast Iowa, much of eastern Nebraska, northeast Kansas, into northern Missouri, and southwest Iowa saw significant rains as well as some showers through the Delta region.
It continues to be dryer for the far northern plains.
30-Day Observed Precipitation
Almost the entire U.S. corn and bean belt has seen adequate rainfall.
Any areas in green are areas that have seen less rain and are probably going to be looking for rain soon but not critical yet.
Areas in darker red have had 6-10 inches and even 10-15 inches in portions of eastern Kansas.
7-Day Precipitation Forecast
Additional rain is shown in much of the eastern belt as well as down into the Delta.
These rains will primarily fall over the next 4 days and then things will start to dry out.
Later in the weekend rains are expected in the northern plains, which can cause some issues.
Temperature Outlook
Topsoil Moisture
September Corn Chart
Corn prices made another new high for the move, we did pull backoff of the daily high, but it was still an outside day up.
The market is trying to break through overhead resistance.
Chart and technical indicators both look good.
September Soybean Chart
Soybean prices rallied to new highs for this move, today’s high at 16.78 challenging the highs from last week at 16.79.
The chart and technical indicators do signal that this market may be interested in testing the contract highs at 16.91.
September KC Wheat Chart
Wheat prices continue to consolidate, the bears will brag that we’ve been unable to break out to the upside and still trading below our major moving averages and the bulls will cheer on the fact that we have not been able to break through and the market is finally bottoming action.
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