Today’s Prices
Grain markets started the day strong but then slipped back and finished the day mixed.
Grain Market News
7-Day Observed Precipitation
The Dakota’s and Minnesota is an area where there is still snow on the ground from winter and the concerns are building that we could have a late planting season and potentially some preventive plant.
The southwestern plains have severe drought in place and there is very little rain in the forecast.
The third area of concern is the southern Ohio valley down through the delta where they have had excessive rain and flooding.
Portions of Nebraska, northeast Kansas, Missouri, Illinois is an area where we currently have many farmers saying conditions look good.
Snow Depth
Generally, 10-20 inches deep or more in the Dakotas and Minnesota.
Not only is this delaying an early start to spring but could cause flooding and prevent plant issues.
NWS Active Alerts
Today’s national weather service alert shows a blizzard warning and winter weather storm warning in the northern plains, high wind and red flag warnings in the southern plains, and then a lot of green which is river flooding in the southern Ohio valley into the delta.
7-Day Precipitation Forecast
There is a snow and blizzard warning in the north Plains, little precipitation in the southern plains, and too much precipitation in the delta and Ohio valley.
10-day Snowfall Forecast
Most of this is expected to fall between Tuesday-Thursday.
Portions of the Dakotas and Minnesota could see anywhere from 6-8 to 12-15 inches of snow.
Grain Market News
U.S. Corn Planting Progress
Winter Wheat Conditions
Corn: Weekly Export Inspections
Soybeans: Weekly Export Inspections
Wheat: Weekly Export Inspections
May Corn Chart
Corn prices did produce a new high up to 6.68.
That is up 62 cents from the lows over three weeks ago.
The new high keeps the uptrend intact, that’s supportive news for the chart and technical.
We did close lower on the day and that’s lightly negative.
May Soybean Chart
Soybean prices are exploding to the upside, beans have now rallied over $1.20 in just one week.
Today’s high at 15.27 is a new high for the move and it puts our multiple highs in the 15.40 to 15.50 range as the next objective.
We closed at 15.22, it appears the market could have another 20-30 cents of upside potential.
May KC Wheat Chart
Wheat prices made a new high for the move up to 9.02.
The chart does look good, and we are trading above all moving averages.
The technical indicators are over bought, and we did have a reversal today closing lower.
Questions or Comments
