To zoom in on a phone, tablet, or touch screen, place two fingers on screen and move them apart. To zoom out pinch fingers together.

Today’s Prices

Grain markets finished mixed today, wheat was lower on larger crop production coming out of Russia while corn and beans bounced back from lower numbers this morning.

Grain Market News

USDA Corn Yield Estimate

USDA’s September crop report was issued one week ago, and the markets overall gave us a positive response.

This year 2022 when we look at a chart showing the monthly crop report, USDA lowered their yield from 175.6 to 172.5.

That’s a 2.9-bushel per acre reduction in the September report.

Overall, the report viewed as bullish as it appears the US crop is getting smaller.

The market believes we could drop a little bit further come October.

USDA Soybean Yield Estimate

Last year the USDA crop estimate from August to September went up from 50 to 50.6 and then to 51.5 in October.

This year USDA lowered the yield from 51.9 in August to 50.5 in September and there is some concern that we could reduce the yield further in October.

Last year an increasing crop gave us weaker prices as we headed towards harvest, this year a declining crop has prices increasing.

August Precipitation % of Normal

Last year in August the eastern corn belt was somewhat mixed, some areas more and some areas less, that is so, similar to this year.  

It’s in the western belt and the plains that we see the big difference.

Last year we had drought conditions in the northwestern belt in May-July but in August we had very good precipitation.

This year portions of the central belt and much of the plains have seen much below normal precipitation in August.

Last year and this year the eastern bet should have good yield potential.

Grain Market News

High Temperatures

Although weather has been pretty good, an extended growing season with ongoing summer weather for the eastern portion of the belt where moisture is adequate is allowing for a good fill.

But dryness in the western belt and into the plains combined with significant heat in August-September is a concern for the final filing stage out west.

High Temperature Forecast

Looking ahead, today’s high is supposed to be in the 90s in the western belt into the plains even some 100s.

Even hotter temperatures with 90s over a good share of the belt and a lot of 100s tomorrow.

Again, we don’t look at this as being extremely threatening but it certainly could speed these crops along in areas where there is not adequate moisture.

7-Day Observed Precipitation

We did get some good precipitation in extreme southeastern South Dakota, an area of Nebraska, Kansas, into Iowa, and Illinois.

Its late in the season but certainly some of these areas that have been very dry will welcome the rain that fell over the weekend.

Unfortunately, other areas of the Dakotas, specifically South Dakota did not get much rain or no rain over the weekend.

The southern belt is dry as well.

7-Day Precipitation Forecast

The forecast shows awfully nice harvest weather, for the most part very little or light precipitation expected over the next 7 days.

Harvest should be ramping up quickly now as we move to the end of September.

Temperature Outlook

The forecast continues to indicate summer like weather to the central and western belt and the entire belt in the 8-14 day.

Precipitation should be very dry in the northern belt and less than normal in the rest of the belt in the 6-10 and awfully dry for most of the belt in the 8-14.

This is very favorable for early harvest unless you are in an area that is very dry, and crops are still trying to fill out those final few bushels.

December Corn Chart

Corn prices are in an uptrend off the lows that were established back in July at 5.61.

Last week following USDA’s crop report we hit 6.99, basically hit the $7 level last week right at overhead resistance.

We have had a pullback to the short-term trend which has turned downwards.

Technical indicators turned downward as well over the last 3-4 trading sessions.

Today was a mixed today closing a fraction higher, chart support is in the 6.60-6.65 range with overhead resistance at $7.

November Soybean Chart

Soybean prices also in an uptrend off the lows posted in July at 12.88.

Last week we posted new highs for the move at 15.08 touching the spike high we reached in early July.

This leaves overhead resistance at the 15.08 level and char support somewhere between 14-14.35.

Todays close at 14.61 is close to the middle of our recent range.

December KC Wheat Chart

Wheat prices also in an uptrend off the lows posted in August at 8.08.

Wheat has turned lower over the last couple of trading sessions which was enough to turn the technical indicator lower as well.

Prices now sitting in an area where we have our moving averages coming into play and an uptrend line in play.

We still look to be in a U shape bottom which would indicate prices will move towards the $10 level.

Questions or Comments

To return to the previous page on your mobile device, click the back arrow in the bottom tool bar