Today’s Prices

Grain markets finished mixed today after starting out lower as Russia agreed to extend the Ukrainian shipping corridor.

Grain Market News

Ukraine

The areas that Russia had invaded and in control of are in red.

The shipping corridor includes 3 ports: the largest port at Odessa, the port just south of Odessa, and then a port just east of Odessa.

Grain Market News

Corn: Weekly Export Sales

Corn sales at 1.17 million metric tons, that’s a good number compared to where we have been.

That is well within the range we had seen for 4 months consistently a year ago.

We should get a number closer to 1.8mmt in next week’s report.

Soybean: Weekly Export Sales

Soybean export sales a massive number at 3.03mmt, that’s larger than any week last year.

You would have to go back to 2020 to see a bigger number.

Wheat: Weekly Export Sales

Wheat sales mediocre at best at 290 thousand tons, that not a very good number but we also don’t need much.

We only need 308 thousand tons weekly to reach the USDA forecast.

South American Precipitation Forecast

South American weather will continue to be a very important factor for our market.

Brazilian weather over the first week looks good with 1-2 inches in the south and 2-3 inches in the central and northern areas.

Next week there is even better rain with mostly 1-2 inches in the south and 2-4 inches in the eastern, northern areas of Brazil.

In Argentina not such a good forecast with relatively dry in week 1 and week 2.  

The good crops in Brazil will easily make up for losses in Argentina.

Soil Moisture Change

In Brazil, central and north Brazil looks to be very good with improving soil moisture while things dry out a little bit in the south.

We also see general drying in much of Argentina.

30-Day Observed Precipitation

Drought is ongoing, in fact even getting worse in the central and western plains while the central U.S. has seen an improvement in soil moisture.

This is good news for farmers as we head into the winter season but also good for the Mississippi River.

U.S. Drought Monitor

The U.S. drought monitor shows that severe drought going on in the central and western plains which extends into portions of the northern belt as well.

We’ve seen improvement in parts of the central U.S.

U.S. Drought Monitor Class Change

Anything in yellow or tan is where drought has gotten worse and anything in green or blue is where conditions have improved.

Right through the central part of the country over the last 4 weeks drought has made significant improvements.

One to two class changes in much of Missouri while Arkansas and eastern Oklahoma seen as much as 2-3 class change improvements.  

December Corn Chart

Corn prices recovered yesterday from morning losses and prices today recovered again from morning losses.

We had a key reversal up on Tuesday, followed by a small correction yesterday, and another key reversal today.

The market is showing signs of not wanting to go lower.

We are testing overhead resistance and we hope we can get December corn up to the 6.75-6.80 level to make sales.

November Soybean Chart

Soybeans look disappointing from a chart perspective making new lows for the move today.

The market has turned down over the past 3 days, but we are still within the range.

We do note that the chart looks disappointing and the technical is pointed lower.

December KC Wheat Chart

Wheat prices are stuck in a very narrow range, 9.15-9.91.

Most of the trade is along 9.74.

Anything within this range is fair game in the near term and we remain stuck in that pattern.

Today’s price at 9.38, somewhat close to the middle of the consolidation.

Technical indicators have been stuck as well for the last 3 weeks.

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