Today’s Prices
Grain markets finished lower today with outside market pressures, harvest, and lack of fresh bullish news all contributing to the decline.
Grain Market News
Corn Crop Conditions
We saw corn conditions fall 1% this week, from 54 last week to 54% this week.
That 7% below last year’s rating of 60% and well below average.
This may be the last crop rating for U.S. corn for the year.
Corn-Change in G/E
Only 2 states improved this week, but it was the two largest states Iowa and Illinois.
6 states saw declining conditions, which was enough to offset the improvements.
Corn Condition % G/E
Wisconsin and Illinois are the only 2 states about 70%.
Iowa, Minnesota, Michigan, and Ohio are between 60-70%.
The rest of the nation is below 60% good to excellent.
Soybean Crop Conditions
Soybeans held steady at 57% good to excellent and this is likely the last crop condition rating for this crop year.
Soybeans-Change in G/E
3 stats seen improvement in Missouri, Tennessee, and Illinois.
Several states held steady, but we had 6 states seeing declines including Indiana, Kansas, and Ohio.
Soybean Conditions % G/E
Wisconsin and Illinois have the best ratings in the nation over 70%.
Our plain states Kansas, Nebraska, South Dakota all seeing very poor ratings at 40% or below.
Grain Market News
Current Conditions
Our conditions show that its cold with temperatures in the 30s even in the afternoon in much of the western and northwestern belt.
Dry conditions for most of the U.S. corn and bean belt expect for the eastern lake area.
5-Day precipitation Forecast
The forecast for precipitation shows mostly dry conditions for the U.S. corn and bean belt including the Ohio river valley and the Mississippi river valley.
Precipitation right now is confined to the eastern and lower Great Lakes where light rain and even sow continue to swirl.
South America Precipitation Forecast
Beginning with Brazil’s growing area, most areas have very good rain in the forecast in week 1 and week 2 most of Brazil continues to look good.
There may be a little bit of dry weather in the northeastern growing area but that’s a minor area.
Argentina the forecast is showing the potential for precipitation to begin developing over the weekend and that could continue into next week.
Therefore, we are seeing some of the best rain chances that we’ve seen over the past month.
December Corn Chart
Corn prices have turned lower off the highs posted last week.
Today’s low at 6.74 is 32 cents below last week’s high.
When we look at the chart turning to the downside and the technical, that tells us that chart and technical based traders are probably looking for this market to push down towards the recent lows at 6.61.
November Soybean Chart
Soybean prices have also turned lower in the near term.
Technical indicators based on a poor performance the last couple days has the technical starting to hook to the downside as well.
Chart based traders are likely viewing the harvest lows set about 2 weeks ago at 13.90 as the next potential target.
December KC Wheat Chart
Wheat prices have also turned lower with the technical indicators pointed lower but close to becoming over sold.
Wheat looks negative on the chart, but we did close at 9.44 which was 15 cents off the daily low.
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