Today’s Prices

Grain markets finished higher today following USDA’s February crop report.

Grain Market News

South American 2023 Production

 U.S. and World Ending Stocks

Corn S&D

Soybeans S&D

Wheat S&D

Grain Market News

U.S Drought Monitor

From the Minnesota, North Dakota border through Kansas City and then southward through Galveston.

West of that line is where drought conditions are in place and east of that line drought has been removed.

Temperature Outlook

The national weather service is predicting above normal precipitation for that entire area previously mentioned in the 6-10 day and the 8-14 day above normal in the north and normal to below normal in the south.

Weekly Ethanol Production

USDA did lower corn use for ethanol by 25 million bushels.

But today’s weekly ethanol production report at 1 million barrels per day last week was somewhat disappointing.  

Down sharply from last week and below the level needed to reach the forecast.

Weekly Stocks of Fuel Ethanol

Stocks were virtually unchanged which was somewhat disappointing.

A sharp reduction in ethanol production but ethanol stocks did not decline.

But we are slightly below the year ago level.

Grain Market News

March Corn Chart

Corn is stuck in a very narrow range and today’s action really didn’t change anything.

That tells us most of the news in the crop report had already been factored in and no fresh surprises.

If the corn market would find friendly news, overhead resistance is at 6.85-6.88 range.

A lack of bullish news would allow the market to slip towards chart support at the lower 6.60 level.

March Soybean Chart

Soybeans prices were lower today after the reports produced higher than expected ending stocks.

That allowed prices to come back and test chart support in the low $15 area.

Soybeans did turn around and closed slightly higher.

At the moment the market did find support at that up trending line where the 40-day moving average comes into play.

Overhead resistance remains in the $15.40 area and chart support at the $14.78 level.

March KC Wheat Chart

Wheat prices have also been stuck in a sideways range going back to December.

But good news from a chart perspective, Kansas City wheat did post a new high up to 8.98.

That is the highest price going back to November.

The short term is pointed higher, and we are trading above all the major moving averages.

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