Today’s Prices
Grain markets finished mixed today, corn and beans higher on a threatening weather forecast and wheat lower on more talk of a possible grain shipping corridor out of Ukraine
Grain Market News
Precipitation July 2-July 8
We believe crop conditions will improve in todays report due to last week we had tremendous rains across the central and northern belt.
Much of the U.S. corn and bean belt got 1-3 inches last week.
Precipitation July 2-July 8
Looking at the precipitation shown as a percent of normal it was above normal.
High Temperatures
Temperatures have been very hot; yesterday’s high was in the 100s confined mostly to the plain states.
On both Friday and Saturday, we saw upper 90s and low 100s across most of the delta.
7-Day Precipitation Forecast
The precipitation forecasts show only some light scattered precipitation in the eastern belt and virtually nothing in the plains and western belt.
Temperature Outlook
We can see the heat on the 6-10 day and the 8-14 day with significant above normal temperatures.
Statistically the last 2 weeks of July and the first week of August are the hottest weeks of the year.
This is combined with below normal precipitation in the 6-10 and the 8-14 day.
Grain Market News
U.S. Yield 2022
U.S. Ending Stocks 2021-22
World Ending Stocks 2021-22
Corn: Weekly Export Inspections
Corn inspections at 36.7 million bushels, that’s a very disappointing number.
The only good news is that last week’s inspections were raised from a very low 26 million bushels up to 34, so raised about 8 million bushels.
Soybean: Weekly Export Inspections
Soybean inspections also somewhat disappointing at 13.1 million bushels, well below the level needed.
But keep in mind this is the official export inspections and there is quite a bit of beans, maybe 50-60 million bushels that typically shows up at the end of the year that does not get counted in the report.
September Corn Chart
Corn prices up sharply especially overnight last night with a high of 6.58.
We still closed higher but we closed at 6.29, 29 cents off the daily high.
The chart and the technical are both pointed upward.
September Soybean Chart
Soybean prices also saw a big rally today all the way to 14.38 in the overnight and closed at 14.05, 33 cents off the daily high.
Now we need to monitor the weather to see if this market can continue to work higher.
September KC Wheat Chart
Wheat prices are in an uptrend although todays close was very disappointing after reaching a high at 9.98 we turned around and closed at 9.15.
That is 83 cents off the daily high, if we can go higher tomorrow you will barely see that on the chart because we had an outside day up.
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