Closing Market Comments June 27, 2022

Today’s Prices

Grain markets finished mixed today with corn and wheat having significant losses on improved weather on U.S. corn and soybeans independently strong on extremely tight cash supplies.

Grain Market News

7-Day Observed Precipitation

14-Day Observed Precipitation

30-Day Precipitation- % of Normal

Current Conditions

7-Day Precipitation Forecast

The forecast calls for some rain in the central and southern belt over the next 7 days.

Most of this falling late this week and into the weekend. Unfortunately, the dark greens are just a quarter to a half inch and the darkest blues are a half to .75 inches.

Soil Moisture Change

The entire US corn and bean belt is expecting below normal precipitation therefore soil moisture will be declining over the next 7 days if the forecast is correct.

One area that would see improvement would be in the deep south into the eastern seaboard.

Temperature Outlook

Our 6–10-day forecast shows temperatures climbing back to above normal, similar in the 8-14 day.

But precipitation looks to be above normal in the 6-10 and the 8-14 day.

So, a relatively warm and wet forecast would be considered mostly favorable

Grain Market News

2022 Planted Acreage

Corn Weekly Export Sales  

This week’s corn inspections at 49.05 million bushels, that is 12 million bushels below the level that is needed to reach USDA export forecast.

Soybean Weekly Export Sales

Soybean inspections at 17 million bushels, but we needed 31 million bushels per week.

September Corn Chart

Corn prices reached the temporary highs at 7.54 about a week and a half ago.

That hotter, dryer forecast did not materialize, last week’s weather was less threatening, and we did get some rain over the weekend in eastern Iowa and Illinois which pushed this market back down to the long-term uptrend line.

At this time, we very close to prices that we were at prior to Russia’s invasion in Ukraine.

September Soybean Chart

Soybean prices broke through chart support in the 15.26-15.40 level where we had multiple lows throughout the late Winter and into Spring,

Soybeans also came down towards chart support from an uptrend that was in place prior to the invasion and now we have given back most of those gains as well.

September KC Wheat Chart

Wheat prices down sharply making a new low for the move.

Russia invaded Ukraine on the 24th of February and prices are getting very close to where we were at prior to that invasion.

We are in a downtrend right now but a bounce back towards chart support would be up in the 10.50-11.00 range which is 75 cents to over a dollar on a corrective move that could happen.

Questions or Comments