Today’s Prices

Grain markets finished lower again today as chart and technical signals look negative.

Grain Market News

Precipitation

This shows south America precipitation forecast over the next 8 days.

Argentina is expecting mostly dry weather which isn’t good news for the late developing crop.

Brazil is looking at mostly below normal precipitation, which is good news to allow harvest to advance and planting to advance as well.

Temperature Anomaly

Brazil looking at mixed temperatures, some a little below and some a little above.

Argentina expecting well above normal temperatures to go along with the dryer than normal conditions.

24-Hour Observed Precipitation

Rains and thunderstorms developed in the plain states late yesterday crossing into the central plains last night and into the western belt overnight.

Iowa, Nebraska, and Kansas certainly welcoming any precipitation they can get which could help to continue to reduce the area covered by drought.

U.S. Radar

That weather system now in the eastern belt providing rain and snow.

The Eastern belt should have plenty of moisture as we head toward the planting season.

90-Day Precipitation % of Normal

The darker blue is double or twice the normal amount.

We have seen 2-3 even 3-4 times the normal amount of precipitation in the last 90 days in the central and northern plains.

Its good news that the moisture will fall now versus all falling in April or early May when farmers are trying to plant.

7-Day Precipitation Forecast

This shows another system of rain 2-3 or 3-5 inches in the eastern belt including the Ohio valley and delta.

The 6-10- and 8-14-day forecast are calling for above normal precipitation in the plains and the western corn belt.

Grain Market News

Corn: Weekly Export Inspections

Soybeans: Weekly Export Inspections

Wheat: Weekly Export Inspections

May Corn Chart

Corn traded a narrow range through January and February but broke out to the downside.

Prices are still within the longer term range from August.

Current prices are approaching the lows set back in December, therefore this is no place to be making sales in corn.

May Soybean Chart

Soybeans have moved down to chart support at 15.08 on the May prices.

It will be interesting to see if soybeans can hold this chart support.

14.75 would be the next target from a chart perspective if we break through the current chart support.

If we bounce, the previous high in the 15.40-15.50 would be the upside target.

May KC Wheat Chart

Wheat prices broke out the downside testing long term support on the downside and technical indicators are oversold.

There are no signs that we have found a bottom yet, but it is no place to be making sales.

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