Closing Market Comments March 10, 2023

Today’s Prices

Grain markets finished mixed today, corn and wheat recovering from recent sharp losses while spread trading pushed soybeans lower.

Weekly Price Summary

Grain Market News

U.S. Corn Monthly Ending Stocks

U.S. Corn Ending Stock

U.S. Soybeans Monthly Ending Stocks

U.S. Soybeans Ending Stocks

U.S. Wheat Monthly Ending Stocks

U.S. Wheat Ending Stocks

U.S. Grain Stocks

Grain Market News

Fridays High Temperatures

It does not look like Argentina will get much relief until the middle of next week.

In the 90s and low 100s into Sunday and there is no precipitation for the corn and soybean belt.

At this time, it’s getting late enough in the crop year where it’s going to be difficult to see any significant improvement in the estimates especially with weather remaining threatening.

3-Day Snowfall Forecast

We got snow this week and there is more snow in the forecast for the northern plains where they don’t need it.

Another 4-8 inches of snow in the southern portion of the northwestern belt and a foot or more possible from the northern plains of North Dakota into southern Canadian prairies.

These areas already have a lot of snow on the ground and in fact there is blizzard warnings in some places.  

May Corn Chart

Corn prices did make a new low this morning down to 6.06, so that is negative on the chart, but we did close at 6.17.

The sharply lower prices, in fact at 6.06, down 80 cents from where we were at in January and February.

Technical indicators are oversold and hooking today on the rally.

May Soybean Chart

Soybeans had funds sold today due to reverse spreading pushing beans lower on the day.

Overall beans remain somewhat near the middle portion of the range in place back to late December.

Bullish news could push us near the upper end and bearish news near the lower end.

May KC Wheat Chart

Wheat made new lows today down to 7.72 on the May chart.

We closed today at 7.98, that was up 26 cents off the low.

That is a huge reverse and could be indicating some bottoming action.

We would not be surprised to see wheat rally up into the overhead resistance in the low 8.40s.

Questions or Comments