Today’s Prices
Grain markets finished mixed today, earl yin the day a number of negative stories pushed grains lower but strong export sales and a rebound in crude oil allowed the market to bounce back.
Grain Market News
Crude Oil
This morning’s break took crude oil all the way down to 75.08, that takes out the September low and is now the lowest price going back to January 3rd.
The lower crude oil this morning was certainly a negative factor but as it rebounded the grain markets rebounded as well.
Grain Market News
Corn: Weekly Export Inspections
This weeks number at 19.5 million bushels is well below last year’s export sales and even further behind the level needed to reach USDA export forecast.
We need to average 48 million bushels per week for the rest of the year to reach the USDA forecast.
We do expect exports to increase seasonally as we go into the winter months.
Soybeans: Weekly Export Inspections
Soybean inspections went up to 85.5 million bushels, that’s slightly below last year’s level but it’s a good number.
Our year-to-date inspections are a little behind USDA’s target but the sales on the books are a little ahead.
Wheat: Weekly Export Inspections
Wheat export inspections bounced from last week up to 10 million bushels, below the 14 million needed weekly to reach the USDA forecast.
Our year-to-date exports are down 2.2% and USDA is estimating they will be down 3.1%.
Mississippi River
The Mississippi River level is up significantly.
When we look at the Mississippi river at Memphis, we can see yesterday’s reading was a positive 1.5 feet, that’s up 8 feet from a week ago.
Argentina Rainfall
Over the weekend Argentina did see some rain.
If I highlight the heart of their growing region, you can see that southwestern Argentina had good rain, northwestern Argentina as well, but across the heart of the belt missed out.
We can see southern and western Brazil missed out on the weekend rains.
South American Precipitation Forecast
South American precipitation shows Brazil getting some good rains in northern and eastern Brazil, still a little bit dryer in the far southwest in week 1.
Week 2 shows better precipitation for almost all of Brazil’s growing area.
Argentina has the next 7 days quite dry, but they did have some rain over the weekend.
A little bit better rain in week 2.
Cattle on Feed
Cattle on feed as of November 1st is 11.706 million head, which is down 2% from last year.
USDA is already projecting that feed production will be down 7.3% this year.
December Corn Chart
Corn prices chopping back and forth within a neutral range going back to August.
We do have somewhat of a downtrend in place off the early November highs at $7.
Last week our technical turned upward but todays break in prices had turned the technical back downward.
November Soybean Chart
Soybeans prices also bouncing back and forth.
We’ve been in a sideways range for about 4 months now.
We have a pattern of a pennant formation with lower highs and higher lows.
Closed today at 14.36 putting us close to the middle of that formation.
Technical indicators are also in the middle of that range.
December KC Wheat Chart
Wheat prices also stuck in a very narrow, choppy sideways range.
The market has pulled back from last week’s high at 9.74 closing at 9.34 today.
The technical indicators are still pointed downwards.
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