Today’s Prices

Grain markets sharply higher today as the weather forecast is looking dryer going forward, international grain prices are rallying, and the chart and technical look better.

Weekly Price Summary

Grain Market News  

Paris Milling Wheat

They have rallied in a big way over the last 2-3days, that has turned their technical up as well.

The wheat chart looks much like the U.S. wheat chart.

All areas from Spain, to France, Germany, to Poland are seeing extremely dry soils and Ukraine is also seeing extremely dry soils as well.

High Temperatures 7-6

Temperatures on Wednesday shows 100s in the southern belt into almost all of the Delta region as hot dry conditions are really putting stress on crops.

High Temperatures 7-7

Looking at yesterday’s highs, more upper 90s and 100s across the southern areas including the Delta.

While 80s still present across almost the entire heart of the US corn and bean belt.

7-Day Observed Precipitation

The heart of U.S. corn and bean belt had seen some very good rains this week.

Each day we have had additional rains that have filled in the dryer areas but there are of course still some dry pockets.

Today’s Conditions

Conditions today shows more of the same, temperatures in the upper 70s low 80s across the heart of the belt.

Upper 90s and 100s again in the Delta into the southern plains.

Rain will be wrapping up in the eastern belt and then we enter a drying trend that could last through next week.

7-Day Precipitation Forecast

The forecast shows that as rains are exiting the eastern belt, we will get a period of dryness.

Crops can handle a week of dryness if they did have good rains but the areas that didn’t can experience stress.

Temperature Outlook

Our 6-10 day shows warming temperatures in the western belt and cooler in the east.

While the 8-14 day shows some heat building back into the heart of the U.S. corn and bean belt.

We don’t see a lot of rain in the forecast in the 6-10 or the 8-14 day.

Grain Market News

Corn: Weekly Export Sales

Corn sales were negative 67, that means that cancellation was larger than new sales.

That was certainly disappointing, but we expect that will bounce back nicely over the next few weeks.

Soybean: Weekly Export Sales

Soybean exports were a negative 160, meaning that cancellations were larger than new sales.

But we already have reached USDA export sales total for beans, that’s why the level needed is negative.

September Corn Chart

The corn market is continuing to have volatility as the market was in a free fall for two weeks and now the market has rallied 53 cents in 2.5 days.

Technical indicators look very good so there is no sign of topping action.

That 6.46-6.50 range isn’t necessarily a top, just the next objective from a chart perspective.

September Soybean Chart

Soybeans had a 92-cent rally in 2.5 days, technical indictors have turned upward. 

The next objective is a multiple bottom in the 5.26-5.30 range which could be hit very easily on Monday if the weather looks threatening.

September KC Wheat Chart

Wheat prices have also produced a very nice bounce, a $1.16 rally in wheat in 2.5 days.

This has turned the technical up and there is plenty of room to the upside.

The initial objective is 9.92, if that is obtained then we will look for additional friendly news.

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