Today’s Prices
Grain price highly to sharply higher across the board as weather looks threatening and the outside market is posting a good rebound.
Grain Market News
Corn: Weekly Export Inspections
Corn export inspections, the best in the last 3 weeks, at 42 million bushels.
Not a great number but at least it improved from a week ago
Soybeans: Weekly Export Inspections
Soybean inspections were disappointing, up a fraction form last week though at 13 million bushels.
NOPA Soybean Crush
The NOPA members account for about 95% of the US Soybean Crush.
Crush came in at 164.5 million bushels, that was close to expectations and up nearly 8% from a year ago.
Our year to date is below the target but we are likely to see U.S. crush well above the year ago level for the next 2 months.
Keep in mind high prices last year caused soybean margins to collapse and caused the crush to decline substantially, this year crush margins are very good.
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Grain Market News
High Temperatures
We had extreme high temperatures over the weekend with 100s across the southern plains.
We are starting to see an increase in heat in the northern plains as well.
7-Day Observed Precipitation
Not all areas are seeing crop stress, as we showed, temperatures have been in mostly the 80s across the belt and we did get precipitation in the eastern belt.
The southern plains missed out on the rain as well as Iowa, southern Minnesota, and eastern Nebraska.
30-Day Precipitation % of Normal
Over the past 30 days you can see the pockets where rain has fallen.
Not everybody is wet and not everybody is dry.
U.S. Radar
Today’s radar not adding much rain for the US corn and bean belt.
Its dry across almost he entire central U.S. including the heart of the belt.
7-Day Precipitation Forecast
The forecast shows virtually no rain for the central, southern, and southwestern belt over the next 7 days.
The only areas that look like might see some rain is from northeast Iowa through the southern great lake region.
Temperature Outlook
Our temperatures above too much above normal across the entire central US corn and bean belt.
Looking at, the next 3 weeks being the hottest weeks, much above temperatures can be stressful.
Below normal precipitation for the central, southern, and southwestern belt.
September Corn Chart
Corn prices exploded to new highs, we didn’t close exceptionally strong, but still up on the day.
A new high established for this move and last week’s low at 5.76 did not take out the low from the previous week at 5.66.
Overall, this shows the short-term trend for corn is up and the technical is pointed up as well.
The intermediate term trend is still down, this means we could see some overhead resistance in the 5.50-5.60 range.
September Soybean Chart
Soybean prices exploded to the upside making a new high for the move.
Last week’s low at 13.15 did not take out the previous low at 13.02.
That keeps the short-term chart trend upward and technical has hooked upward as well.
Overhead resistance at 14.38, that’s also where our intermediate downtrend comes into play.
September KC Wheat Chart
Wheat prices also exploding to the upside, last Friday we did make a new low but keep in mind we closed at 8.37.
The close last Friday was above the spike low from the previous week giving us mixed signals.
Today’s big up move certainly hints the short-term trend could turn upward.
Overhead resistance at 9.50-10.00, keep in mind we reached 9.98 a week ago.
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