Closing Market Comments June 16, 2022

Today’s Prices

Grain prices up today as the forecast still looks threatening with quite a bit of heat and relatively dry conditions for the next couple of weeks.

Grain Market News

7-Day Observed Precipitation

In the central, eastern, and northern belt we have seen very good precipitation over the last 7 days and most crops should be in good shape.

The dry pocket that we noticed is now expanding as no rain is falling in portions of Southern Indiana, southern Illinois, portions of Missouri, and into the Delta regions.

7-Day Precipitation Forecast

The forecast shows a little rain in eastern Nebraska, southwest Iowa, and northwest Missouri but for the most part the belt looks relatively dry over the next 7 days.

Mondays High Temperatures

That dry pattern is already showing up in today’s radar where the bulk of the belt is dry today.

Our highs on Monday are expected to be in the 100s across the central and northern belt and even into the plain states.

EU Model Max Temps

We see a large area of 100-degree temperatures by next Wednesday encompassing about half of the US corn and bean belt, all of the Delta, and the deep south.

Temperature Outlook

Above normal temperatures in the 6-10 day and above normal in the 8-14 day.

Precipitation looks to be below normal in the eastern belt, southern belt, down into the delta, and the 8-14 day also.

There may be some better moisture out in the plain states into the far northwestern belt.

30-Day Forecast

The forecast showing normal temperatures in the northern belt, above normal in the southern and eastern belt, and below normal precipitation for most of the central U.S. corn and bean belt.

Seasonal Drought Outlook

The drought monitor expecting drought conditions to expand in portions of northwest Iowa and the eastern belt down into the Delta.

Grain Market News

Corn Weekly Export Sales  

Corn sales were lightly disappointing at a 141 thousand tons, we needed 214 thousand tons to reach the export forecast.

Soybean Weekly Export Sales

Soybean export sales were very good at 317 thousand tons, we have already reached the USDA total forecast even though the USDA forecast raised its exports by 30 million bushels in last week’s crop report.

September Corn Chart

Corn prices were consolidating for 6-7 trading sessions but today we had a breakout to the upside which keeps the overall trend and the technical in corn pointed upward.

This puts the 7.77-7.78 as the next level of overhead resistance and that’s about 30 cents from where we traded today.

September Soybean Chart

Soybean prices bounced today; we had fallen over 80 cents over the last week but today prices did bounce with an outside day up.

The soybean market is showing hints of turning upward, the trend is still down but today’s action was encouraging.

September KC Wheat Chart

Wheat prices are stuck in a sideways range for over 2 weeks now, but today was a good day to the upside.

Technical indicators are close to oversold, so if the wheat market broke out there could be potential for a rally.

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