Today’s Prices
Grain markets finished mostly higher today ahead of tomorrow’s April crop report from USDA.
Grain Market News
High Temperatures
Yesterday’s high temperatures show 70s in the central plains and western belt where many farmers are getting started.
In the eastern belt it is not quite as dry and warm but still mid to upper 60s.
We won’t have any activity in the northern plains due to a lot of snow on the ground.
Snow Pack
Today’s snowpack map shows that the area of snow cover is being reduced.
Last week it was closer to the Nebraska border and further south in Minnesota, so it’s gradually retreating.
U.S. Rivers in Flood Stage
As snow has been melting and retreating, flooding is starting to increase in that area.
The good news is the central belt, and the heart of the belt isn’t experiencing much flooding at this time.
30-Day Observed Precipitation
We have seen a lot of precipitation in the northern plains, at least for the January-March time frame.
Virtually no precipitation in the southwestern plains.
The Ohio valley down into the delta has seen more rain than desired.
Th one sweet spot, or where farmers are the closest is in areas of Nebraska, Iowa, northwest Kansas, and portions of Missouri.
30-Day Observed Precipitation % of Normal
This shows the area where planting may be getting the bets start is again in Nebraska, Kansas, and Missouri.
7-Day Precipitation Forecast
The forecast shows a half inch to an inch of rain across portions of the northwestern belt and northern plains beginning Thursday.
Outlook
The 6-10 and the 8-14 shows cooler temperatures in the northern plains and northwestern belt.
With that could come above normal precipitation.
We view the longer-term forecast map as being lightly supportive.
Grain Market News
U.S. Ending Stocks
South American Production
World Ending Stocks
May Corn Chart
Corn had a good day with a key reversal taking out Thursdays low and closed above Thursdays high.
With a little friendly news, we could test last week’s high that is near overhead resistance.
Technical indicators hook upward today on the key reversal.
May Soybean Chart
Soybean prices did not bounce today, in fact they closed lower.
Charts right now are testing support levels where we had multiple lows in December-March
Given the fact that we did not bounce today, the chart is pointed downward in the short term and the technical is pointed downward.
May KC Wheat Chart
Wheat prices had a good day with an outside day up.
We had a correction last week to the downside.
The overall uptrend is still in place off the lows taking place in early March.
Today’s close at 8.76 is still a little over a dollar from the lows posted a month ago.
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