Closing Market Comments June 28, 2022

Today’s Prices

Grain markets finished mostly higher as slipping crop condition ratings for corn and beans provided some support.

Grain Market News

U.S. Corn Crop Condition

This year shown in yellow, you can see that our initial crop rating was the best of the year and since then we have been dropping down to 67% good to excellent.

That’s about the middle of the path for this time of the year.

Corn- Change in G/E Rating

This week as of Sunday June 26th shows that only 2 states improved, Kansas and North Dakota.

The other 16 states declined with big declines down in the Delta, Kentucky, Tennessee, Indiana, and Ohio.

Our initial rating was 73% which fell 1% in mid-June, fell 2 more percent last week, and now this week down another 3%. So, we are now down 6% from 3 weeks ago.

U.S. Soybean Crop Condition

Our initial crop rating was very high and closer to the upper end of the range, but crop condition ratings have been falling.

This week’s rating at 65% good to excellent closer to the middle of the range for this time of the year.

Soybean- Change in G/E Rating

The initial bean rating came out on June 12th at 70% good to excellent, a week ago condition ratings fell 2%, this week another 3%.

This chart shows that only three states improved which were North Dakota, Kansas, and South Dakota.

Iowa and Illinois, the largest crop areas, were able to hold steady while the rest of the U.S. bean belt fell.

Winter Wheat Crop Condition

The winter wheat crop condition held steady at 30% good to excellent and the winter wheat condition will not be changing much.

The season will end with crop conditions extremely low, near record lows.

U.S. Grain Belt Soil Moisture  

U.S. Topsoil Moisture

Grain Market News

Current Conditions

7-Day Precipitation Forecast

Temperature Outlook

December Corn Chart

Corn prices came down and tested long term uptrend chart support here late last week and early this week with lows down at 6.44-6.45.

The market certainly hasn’t hit a springboard to the upside but todays close at 6.59 is 15 cents off the low that we posted early yesterday.

Our chart is showing signs of trying to do some bottoming action, nothing clear yet.  The technical indicators are again maybe trying to find some bottoming action.

November Soybean Chart

Soybean prices had some significant bottoming action at 14.62, last week the low was 13.99. We are up 53 cents off the trading lows from a few days ago.

This has turned our technical indicators higher as well.

September KC Wheat Chart

Wheat prices still in a downtrend, we did not make a new low today, but we still had a disappointing looking chart.

Todays close at 9.90 is up off the lows at 9.77, so we are up 13 cents.

Even though the chart and technical don’t look good, this is no place to be making sales.

Questions or Comments