Today’s Prices
Grain markets finished mixed today continuing the pattern that was established last week and for months now.
Grain Market News
U.S. and World Ending Stocks
South American 2023 Production
Corn Production and Soybean Production
Grain Market News
Corn: Weekly Export Inspections
Corn inspections were very disappointing at just 18.9 million bushels.
We believe these will increase significantly in the weeks to come.
Our current year to date is down 32.7%, USDA is projecting exports will be down 22.1%.
Soybeans: Weekly Export Inspections
Soybeans were very good at 67.234, although export inspection have been declining we are still well above the seasonal we normally would see.
Our year-to-date inspections are up 6/10 of a % above last year.
USDA is projecting exports will be down 7.8%.
Wheat: Weekly Export Inspections
Wheat exports improved nicely up to 19.7 million bushels.
That is above the level needed to reach USDA’s export forecast.
Our year-to-date inspection running just slightly ahead of USDA’s target.
March Corn Chart
Corn did not have much happen on the chart today.
We did have an outside day down, which was lightly negative but closed slightly higher.
We remain stuck mostly in a sideways trading range.
Anything within our existing trading range is fair game in the near term.
Corn may test chart support down in the lower 6.60 range.
March Soybean Chart
Soybeans have also been stuck in a choppy, sideways range over the last month.
Bullish news due to the Argentina drought and the bullish January crop report allowed soybeans to push towards the upper end of the range.
We believe fresh news would be required to push out of that range.
Without fresh bullish news, beans could easily test chart support in the lower $15 range.
March KC Wheat Chart
Wheat prices also consolidating recently.
We tested overhead resistance in the low 8.90 range but prices closed lower today.
Technical indicators did reach the overbought range and have hooked to the downside.
Chart support at 8.50.
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