Today’s Prices

Grain markets finished higher today reversing from lower morning trade on news of massive missel strikes by Russia into Ukraine.

Grain Market News

U.S. Corn Harvest

The U.S. corn harvest came in at 93% complete.

That’s above last year and above average and it does not appear there will be any major threats as harvest is nearly complete.

U.S. Soybean Harvest

Soybean harvest is 96% complete, that’s also ahead of average and ahead of last year.

Except for some double crop beans in Kentucky, Tennessee, and North Carolina bean harvest is basically done.

Winter Wheat Crop Conditions

Crop conditions are a record low for winter wheat at 32% good to excellent.

NOPA Soybean Crush

NOPA accounts for about 95-96% of the U.S. soybean crush.

Crush was a little bit above last year and very close to a record for October.

The crush was up 3/10 of a percent from last year and our year to date has crush up 1.4%.

Soybean oil stocks are down significantly from last year, mostly due to the U.S. renewable diesel industry gobbling up most of the soybean oil.

Brazilian Monthly Corn Exports

U.S. exports have been very disappointing for corn over the last few months.

Brazil’s Safrinha corn crop this past year was 29mmt larger than the previous years.

Exports are estimated to be 23-24mmt larger than last year and ending stocks 4-5mmt larger.

As we get into 2023, we should start to see U.S. exports improve significantly.

Grain Market News

30-Day Observed Precipitation

This shows a large area of 2-4 inches of rain across most of the central U.S.

In fact, portions from Iowa to the Gulf Coast saw 3-5 or 5-7 inches of rain.

Unfortunately, the central and western plains got very little to no precipitation over the last 30 days.

Current Conditions

Conditions this morning show temperatures in the teens all the way down into south and western Oklahoma, Kansas, and eastern Colorado.

Additional moisture is seen from the central U.S. corn and bean belt into the great lake states and the Ohio valley.

Not much moisture falling in the central and western plains, although they did have some snow on the ground.

Snow Depth

As of this morning the map shows there is snow on the ground with some areas with 3-4 or 4-6 inches of snow.

10-Day Snowfall Forecast

There is the potential for a huge snowstorm in the western plains.

This is the 10 day forecast and it shows the darker purple and reds where 2 feet or more could fall from western Kansas, eastern Colorado, and down in to Oklahoma.

Farmers and ranchers don’t want to see blizzards, but the moisture would be beneficial.

December Corn Chart

Corn prices went from trading near the lower end of the range and technical near zero to a huge rally on news that Russia was launching a massive strike in Ukraine.

Today the key reversal is a good chart signal and the technical indicators pointed upward as well so we could see some additional upside potential.  

We would first have to breach resistance where our 20- and 40-day moving averages are, in the 6.75-6.80 range.

November Soybean Chart

Soybean prices are also surging higher today back up toward overhead resistance.

Todays close at 14.57 is 12 cents from the high posted a week and a half ago at 14.69 which is our next target.  

Keep in mind all the grain markets need some bullish news.

December KC Wheat Chart

Wheat prices also shot upward today on the same news.

The market looks good following a couple days of rally and the market is attempting to break out of overhead resistance.

If we break that downtrend tomorrow the next target would be 9.91, the high from 2 weeks ago.

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