Today’s Prices

Grain markets finished sharply mixed based on the USDA stock and wheat production reports today.

Weekly Price Summary

Grain Market News

Quarterly Stocks

Corn came in at 1.377 billion bushels, that was 120 million bushels below the average trade guess and down 148 million bushels from the September crop report.

Soybeans at 274, 27 million bushels above the average trade guess and up 34 million bushels from the September crop report.

Wheat stocks in 1776 was 19 million bushels below the average trade guess and wheat stocks were considered bullish.

U.S. Wheat Production 2022

Hard red winter wheat down 42 million bushels from last month, soft red winter wheat down 42 million bushels from last month, white wheat down 3 million, spring wheat down 35 million bushels, and durum down 11 for a crop of 1.65 million bushels.

Wheat was down 133 million bushels from the August and September crop reports.

U.S. Corn S&D

U.S. Soybean S&D

U.S. Wheat S&D

Grain Market News

Precipitation

Over the next week in Brazil, we see mostly a close to normal precipitation.

Some areas a little less and some areas a little bit more.

Argentina is expecting very disappointing precipitation and the drought will continue.

GRACE

Brazil has good moisture in most areas while Argentina is mostly dry.

Again, drought conditions are ongoing in Argentina.

7-Day Precipitation Forecast

Not much rain in the forecast for the heart of the belt in the U.S. over the next week.

Many areas could be completely dry for another week and the harvest for U.S. corn and soybeans will really be ramping up this weekend and into next week.

Hogs and Pigs Inventory

U.S. hogs and pigs down 1.4% from a year ago, that’s close to expectations and similar to what we saw in the first and second quarters.

December Corn Chart

Corn prices shot to the upside following the USDA stocks report.

We hit 6.99 3 weeks ago, 6.98 1.5 ago, and now 6.96 today.

Prices did turn around and closed at 6.77, 19 cents off the daily high.

We continue to find overhead resistance around that $7 level.

6.50-6.60 should continue to find fairly solid support even through the harvest season.

November Soybean Chart

Soybean prices down sharply today on bearish stock numbers.

Beans broke through chart support and now we are in that area that we’ve been discussing at 13.56-13.76.

We are not overly bearish in beans from this level a 13.63 but the chart is pointed downward, and harvest will probably hit its peak level next week.

Technical indicators are in the over sold region, so this is not a place to be making sales in soybeans.

December KC Wheat Chart

Wheat prices shot to the upside on the lower production numbers and hit our $10 target and hit the 10.10 level for today’s high.

The chart still looks good and technical indicators are pointed upward.

No sign of topping action but the market did close 19 cents off the high.

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