Today’s Prices
Grain markets had an inside day of rest today.
Weekly Price Summary
Grain Market News
Wheat Quality Council
Soybean Areas in Drought
The market is being driven by what’s going on with the weather.
About 26% of the soybean production is in an area that is experiencing drought.
% Of Soybeans Located in Drought
Iowa has about 23% in drought and about 3% in the extreme drought, Nebraska has 58% in drought and 7% in extreme drought, Kansas has 46% in drought, Arkansas about 82% in drought, and Illinois about 8%.
% Of US Soybeans in Drought
Compared to other years we see that 26% is in a drought compared to 31% last year.
Extreme drought areas this year is at 10% compared to 20% last year.
Hay Areas in Drought
About 47% of the hay acreage is within the current drought areas.
Temperature Outlook
The 6-10 day is still showing we have a high probability of above normal temperatures across the whole belt and dry conditions.
The 8-14 day we still have a high probability of above normal temperatures and below normal precipitation.
7-Day Precipitation Forecast
There will be some showers picking up later this afternoon down towards Kansas and Oklahoma.
This will likely cause the yield to take a few steps back.
Hazards Outlook
We are keeping a close eye on part of Nebraska, Minnesota, and over a large part of Iowa where we see a rapid onset of drought risks.
This will definitely impact the corn crop but also the soybeans.
September Corn Chart
Corn prices traded up to 6.36, that trade happened between 8.30-8.45 this morning. About 10.45 the market pulled back down and made a run back up to 6.31.
We are getting very close to crossing the 10 and 20 days, this would be a positive note on the technical.
Major support would be at the 5.98 level.
September Soybean Chart
Soybean opened right at the 40-day moving average and the traded up to 14.89.
We would find major support at the 14.38 area, which would be a 50% retracement of this whole move.
September KC Wheat Chart
Wheat traded through the downtrend lien and traded up to 9.15.
The market then traded about sideways and then the market started pulling back down.
Our support would come in at the 8.70 area and resistance at 8.82.
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