Today’s Prices
Grain markets finished lowered today across the board as the market is playing defensive ahead of USDA’s November crop report tomorrow.
Grain Market News
U.S. Yield and Production 2022
Corn yield is expected at 171.9 unchanged from last month and soybeans at 49.9 which is up 1/20 of a bushel.
Corn production at 13.893 down just 2 million bushels from last month and soybeans at 4.324 up 11 million bushels.
U.S. and World Ending Stocks
The trade is looking for corn stocks to rise by 40 million bushels.
Soybeans, the trade is looking for ending stocks to increase by 15 million bushels.
In wheat the trade is not anticipating much for changes.
Corn global stocks down just fractionally from last month, soybeans up fractionally from last month, and wheat stocks down about .8 million metric tons.
Grain Market News
U.S. Corn Harvest
Corn has advanced to 87% complete which is ahead of last year and the average.
U.S. Soybean Harvest
Soybeans are 94% complete, ahead of average and ahead of last year.
Winter Wheat Crop Conditions
Wheat crop conditions is up from last week from 28% to 30% good to excellent.
That is still easily the lowest winter wheat crop prating for November going back the last 36 years.
Grain Market News
7-Day Precipitation Forecast
We’ve gotten 2-4 inches of rain in much of the central U.S. over the last couple weeks.
The Dakota’s and Minnesota have missed out, but they are expecting an inch of rain or rain and snow combination over the next 7 days.
South American Precipitation Forecast
Today’s forecast calls for much better rains over the next 7 days in much of Brazil.
This rain would leave conditions very good for the bulk of the Brazil growing regions.
Even Argentina is expecting some improved rainfall, 1-2 inches of rain in many areas.
If the forecast is correct, most of South America will be in good shape.
Soil Moisture Change
This shows that Argentina should see all the growing area improve in soil moisture while Brazil will see improvement in the north and a little dry in the south.
Temperature Anomaly
A little be it cooler in southern Brazil, little bit warmer in northern Brazil, and Argentina a little bit warmer than normal.
Temperatures are not threatening though.
December Corn Chart
Corn made some highs last week at $7 but since then the market has turned lower.
In fact, we have traded lower than all our major averages.
We have taken out the 6.76, 6.74, and 6.71 level with the next level being 6.61.
If we don’t get bullish news somewhere in the 6.50-6.60 range would be a target for corn.
November Soybean Chart
Soybean had a reversal down yesterday with a little follow through today.
This chart is looking a little bit toppy as we hit exactly on the 2-point downtrend.
That gives the potential for this market to move into the lower $14 range.
December KC Wheat Chart
Wheat prices have been stuck in a range for a while now.
Wheat prices are back down in the area where they traded for nearly 2-3 weeks.
With wheat stuck in a sideways, choppy range and technical indicators also stuck in a neutral range waiting for fresh news.
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