Today’s Prices

Grain markets finished mixed today, started out higher but gave back some of those gains given the fact we have seen a big rally over the last couple of weeks.

Grain Market News

Current Conditions

 Weather is not wildly bullish, but it is supportive for the areas that missed out on last weekends rains.

Temperatures in the northern and eastern belt mostly in the 80s today, these temperatures as of 1:00pm.

Heat remains mostly bottled up in the plains, but some will inch into the western belt.

The heat in the plains and western belt will be combined with a lack of moisture in the U.S. corn and bean belt which makes us believe crop conditions will slip lower.

7-Day Precipitation Forecast

The forecast doesn’t show much precipitation for the heart of the U.S. corn and bean belt, although today’s forecast does add a little rain for portions of the plains.

Most of this rain falling in the last Monday-Tuesday timeframe.

Temperature Outlook

We are starting to see hints in the longer-term map of a pattern change.

The heat looks to move further to the west and be isolated into the plains and far northwestern U.S. in the 6-10 day.

Further west into the northwestern U.S. on the 8-14 day with cooler temperatures in the eastern belt in the 6-10 and much of the belt over the 8-14 day.

We do see a cooler temperature profile that is lining up as we head into the third week of August.

Precipitation looks to be normal or below normal for most of the belt.

Weekly Ethanol Production

Production did slip a little bit to 1.022 million barrels per day, that’s down from last week and slightly below the level needed.

Ethanol production looks like it’s going to end up very close to the USDA estimate.

Looking at year to date production, its up 6.4% and USDA is projecting the production will be up 6.8%.

Weekly Stocks of Fuel Ethanol

Stocks declined slightly to 23.398 million barrels, that’s above last year but we are still somewhat in a normal range for ethanol stocks this time of year.

Bottom line the ethanol production reports did not provide any surprises or major changes.

Grain Market News

U.S. Yield 2022

U.S. Ending Stocks

World Ending Stocks

U.S. Corn S&D

U.S. Soybean S&D

U.S. Wheat S&D

September Corn Chart

Corn had a pretty good day on the charts and made a new high for the move up to 6.28 although we did pull back and close at 6.18.

The technical indicators are pointed upward and are not yet into the overbought category therefore it does appear the market may want to shoot for the 6.36 and maybe even the 6.58 level if we can get some friendly news.

September Soybean Chart

Soybean prices also had a good day posting a new high for the move up to 14.54, that’s up a 1.66 from the lows posted just 2.5 weeks ag9o.

The market did close at 14.27, 27 cents off the daily high so the close was disappointing but the chart and technical look good.

Overhead resistance at the downtrend line and then the 14.89-15.07 level would be the next target from a chart perspective with friendly news.

September KC Wheat Chart

Wheat prices had a good day, higher high and higher low so it was an outside day up.

We do look for wheat to work higher as we move through the late summer and through the fall.

At this point the market is showing signs of bottoming action with the chart trying to turn higher.

The next target would be the 9.15 spike high from 1.5 weeks ago.

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