Today’s Prices

Grain markets finishing mostly higher today, the outside market stabilized and bounced a little bit and that gave the grain markets some support.

Weekly Price Summary

Grain Market News

StoneX Summary

In Iowa StoneX is looking for yield at 203, that compares to USDA at 205 and 205 from last year.

In Illinois StoneX looking for yield at 209, compared to 203 this year and 202 last year.

In Nebraska StoneX is looking for 168, USDA is currently looking for a 181 and last yar at 194.

In soybeans, StoneX has Illinois at 67, USDA currently projecting Illinois at 66 and 64 from last year.

In Iowa, StoneX has a yield of 63, USDA projecting 58 and 62 from last year.

Minnesota, the third largest US producer, SToneX has a yield of 52 bushels, compares to USDA at 50 and last year at 47.

Grain Market News

Calculated Soil Moisture Anomaly

The western corn belt and into the plains very dry compared to normal for this time of year.

While the eastern belt into the delta and Ohio valley much better.

Soil Moisture Anomaly Change

There are additional soil moisture declines over the next 2 weeks shown in the western belt and the plains with additional god moisture in much of the eastern belt into the Ohio valley and delta.

High Temperatures

Areas with good moisture should continue to have good growing conditions with temperatures yesterday in the mid and upper 80s.

Out west where things are dryer and temperatures in the low 90 even 100s up in the Dakotas. This will push the crops along very quickly in the dry areas.

Current Conditions

We can see moisture mobbing from Oklahoma late yesterday and this morning into Missouri and that’s going to clip the Ohio valley and portions of the eastern belt.

While the central, northern, and western belt including the plains is going to remain dry.

Out in the western belt, western Iowa, Nebraska, Kansas, even portions of South Dakota could see 90s again today.

30-Day Observed Precipitation

Anything in green or blue is less than 2 inches of rain, those are areas likely going to be experiencing crop stress if they don’t get rain soon.

We have a pocket in southeast Iowa, northeast Missouri, west central Illinois, as well as a large pocket in the central plains and northern plains.

30-Day Precipitation % of Normal

You can see those dry pockets specifically the plains but also portions of the northern plain and the central belt as well.

7-Day Precipitation Forecast

The forecast doesn’t show much rain at all, virtually n rain in many of those dry areas.

That will continue to promote crop stress and pour fill in the dry areas.

Temperature Outlook

Temperatures are expected to remain above normal, so if you do have adequate soil moisture our growing season is going to be extended which will give you good potential.

But in the dryer areas, warm temperatures, and the potential for additional dry conditions late in the season could provide additional crop losses in the central and western belt.

September Corn Chart

Corn prices had an inside day, but we do have some topping action at least in the very short term with technical indicators hooked a little.

Today the market was able to recover a little bit leaving the market overall still in an uptrend off the late July lows at 5.61.

Today’s close at 6.65 was up over a dollar from the July low.

November Soybean Chart

Soybean prices had a major correction off the highs last week at 14.84 but today beans bounced back nicely, and we did hold chart support at our 40-day moving average.

We did have to redraw the chart because our previous uptrend was broken, but today’s sharp rally was a good sign and now we will have to see if the lows yesterday can hold.

Overhead resistance would be up in the 14.50-14.60 range.

September KC Wheat Chart

Wheat prices are down sharply yesterday but they did rebound today, and it looks like the market is trying to hold support with the 10-, 20-, and 40-day moving average.

The chart continues to show signs of some u shape bottoming action if we can hold this pattern it may project wheat up towards $10 as we get into Fall.

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