Today’s Prices
Grain markets were lower today on some downside corrective action with outside markets applying some additional pressure.
Grain Market News
High Temperatures
Yesterday’s high temperatures mostly in the mid upper 80s with a few low 90s in portions of the southern and southwestern belt.
These are very favorable temperatures for allowing crops to finish their growing season provided we have adequate soil moisture.
Kansas, where some of the lowest ratings are, continues to see exceptional heat with upper 90s and 100s.
24-Hour Observed Precipitation
Portions of the eastern belt did get a good shot of rain, areas of Indiana got half to an inch and a half with isolated 2–3-inch totals, and eastern Illinois.
The northern delta and the Ohio valley had some good rain, so the eastern belt looks to be mostly in good shape as we head towards the final growing season.
Unfortunately, rains have wrapped up in the western belt and not much rain forecast for the western and northwestern belt over the next 7-10 days and possibly 2 weeks.
30-Day Precipitation
Anything in green is less than 2 inches during the month of August, you can see that southeast Iowa, west central Illinois, and northeast Missouri has really missed out.
The ongoing dryness in the central plains, specifically Kansas and Nebraska, and some scattered dryness in portions of the northwestern belt.
These areas in green are the areas that will likely be seeing a little bit of crop stress and would also like a good shot of rain to finish.
30-Day Precipitation- % of Normal
Southeast Iowa, adjacent areas of Missouri and Illinois, the central plains, and then scattered areas within the northern plains.
Current Conditions
Today’s radar shows the frontal boundary which has now crossed through the U.S. corn and bean belt leaving almost the entire belt dry.
Midday temperatures in the upper 70s low 80s for most of the belt, those temperature ill rise another 3-5 degrees.
Low 90s in the central plains and the southern delta.
7-Day Precipitation Forecast
The forecast shows mostly dry conditions for the corn and bean belt over the next 7 days.
That could extend into 10-14 days in portions of the western belt and the plains where they could use some rain to finish off.
Temperature Outlook
We can see the warmth and dryness in the 6-10 day with above normal temperatures and that extends into the 8-14 day.
With dry conditions in the northwestern belt and the plain states in the 6-10 an continues in the northwestern belt and northern plains in the 8-14 day.
Grain Market News
Corn Crop Conditions
Crop conditions slip lower, down 1%, to 54% good to excellent, that compares to 60% last year.
We believe that with the continuing decline in the U.S. corn crop condition ratings that USDA will be lowering its production estimate in September.
Corn- Change in G/E
Soybean Crop Conditions
Soybean conditions held steady at 57% good to excellent, that is slightly below the 20-year average and up 1% from last year.
Soybean-Change in G/E
September Corn Chart
Corn prices are in an uptrend, todays we had an inside day not taking outside yesterday’s high or low.
Yesterdays high at 6.83 is a $1.21 above the lows that were established in late July, so the overall trend is an uptrend.
We want to be cautious because technical indicators are over bought at this time.
Prices are at the overhead resistance; the next level would be up around the $7 mark.
Chart support currently around the 6.40-6.50 level.
September Soybean Chart
Soybean prices are in a downtrend, short term downtrend off the highs posted last week.
The intermediate trend is pointed upward, after being sharply lower this morning and testing chart support beans turned around and closed 24 cents off the daily low.
September KC Wheat Chart
Wheat prices have a good-looking chart with today being an inside day not taking out yesterday’s high or low.
We are still looking to form that U shaped bottom. The wheat market does have additional potential as we move into Fall.
Questions or Comments
