Grain prices finished mixed today with USDA scheduled to release its quarterly grains stock and planted acreage report tomorrow morning.
Grain Market News
2022 Planted Acreage
Weekly Ethanol Production
Todays numbers included 2 weeks of data since last week the EIA did not release ethanol production numbers.
Bottom line is that ethanol production this week at 1.051 million barrels per day, down fractionally from last week but still at the level needed
Weekly Stocks of Fuel Ethanol
Stocks of fuel ethanol were down to 22.689 million barrels, that is up from last year but the strong demand for ethanol likely going to keep our stocks steady or lower.
We will likely be above the red line, which is last years numbers.
Grain Market News
3-Day Observed Precipitation
7-Day Observed Precipitation
14-Day Observed Precipitation
7-Day Precipitation Forecast
The 6–10-day forecast shows above normal temperatures, in fact major heat in the plains. 8-14 day shows conditions continuing to be above normal across the entire corn and bean belt.As we mentioned as that ridge builds to the north further and further it pushes the Jetstream to the north, and we could get some significant rains across the northern belt in the 6-10 day and then the northern and eastern belt in the 8-14 day.That’s what we really need to keep crops from seeing significant stress.
September Corn Chart
Corn prices continue to consolidate, almost for a week now, near the lower end of the range.
One item that is interesting is that the prices coming into the report near the low, that means a lot of people have already been aggressively selling.
This could mean it is a little more difficult getting a bearish reaction to the report when many traders have already been selling.
Corn prices remained stuck near chart support; technical indicators are oversold but as of today we see no significant break out to the upside.
September Soybean Chart
Soybean prices have bounced significantly off the lows, in fact today’s high shows soybeans have bounced 79 cents from the low established on Friday.
This was enough to turn the chart and the technical up with no sign of any topping action.
September KC Wheat Chart
Wheat prices still in a sharp downtrend, but we are seeing some hints of some bottoming action from the chart and the technical indicators.
Certainly, the markets are hinting of a possibility that we are finding some bottoming action.
We expect this market to easily trade somewhere between the 10.90-11.19 level over the next few weeks.
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