Today’s Prices

Grain markets finished mixed today as the choppy back and forth range bound trade continues.

Grain Market News

Corn: Weekly Export Sales

Corn export sales were very disappointing at just 264 thousand tons, well below last year and less than 1/3 of the level needed.

Over the last month our corn sales have been near the lowest levels in the past 6 years.

The U.S. corn prices are currently some of the highest priced corn in the world.

Soybean: Weekly Export Sales

Soybean export sales were good over a million metric tons but down sharply from last weeks total.

Even though we were down we are still double the level needed to reach the USDA forecast number.

Wheat: Weekly Export Sales

Wheat export sales were the best number in todays export sales report.

Sales of 533 thousand tons were the best going back to early July and well below the level needed to reach the UDSA forecast.

World Soybean Meal Basis

Back in August and September the U.S. was well above South American basis offers but recently the U.S. is quite competitive.

U.S. Diesel Fuel Stocks

Currently diesel fuel stocks are at the worst level going back to 2008, 14 years ago.

That has diesel fuel much higher priced than gasoline and certainly could be an incentive for the biofuel production.

Grain Market News

South American Precipitation Forecast

Week 1 for Brazil looks good although there may be a few dry pockets and the second week is looking dryer so that will need to be monitored.

Argentina has gotten some good rains in the southern half this week but going forward it looks much dryer.

7-Day Precipitation Forecast

We had some light rains that fell in portions of the northwestern belt earlier today but are wrapping up now.

The next 7 days should be mostly dry across the heart of the corn and bean belt.

Any significant rain looks like they will be in the central and lower Mississippi valley and the gulf coast region.

7-Day Observed Precipitation

Over the past week we’ve seen some good rains in the central U.S.

In fact 1-2 inches of rain has fallen in the central Mississippi valley which is good news for the Mississippi River levels.

Mississippi River

Following heavier rains, the river level has risen from -3 feet up to 1 foot. So, it has gone up 4 feet.

We would like to see additional rain in the Mississippi River valley to see continued rising levels.

December Corn Chart

After pushing to a new high at least within the last week and a half yesterday, prices did slip lower today on the corn chart.

No clear direction, in fact if we back up for 2 months its basically a sideways choppy range.

Technical indicators are stuck in the middle of a neutral range as well.

November Soybean Chart

Soybeans are also stuck in a sideways range going on 4 months now.

We are near the lower end of the range, and it appears like we may have seen a harvest low a few weeks ago at 13.50.

While soybeans have been chopping in a narrow range it leaves the technical stuck in a neutral range as well.

December KC Wheat Chart

Wheat has turned the market sideways over the last week.

Technical indicators are near 0 so this is not a place to be making sales.

Questions or Comments