Closing Market Comments May 22, 2023

Today’s Prices

Grain markets finished higher today, good news for the biofuel industries as well as a somewhat concerning forecast allowed for the market to bounce from oversold.

Grain Market News

7-Day Observed Precipitation

Over the last 7 days most of the belt has seen very little precipitation.

The best precipitation was in the southern and southwestern plains, down in the Ohio valley, and northern portions of the delta.

Much of eastern Nebraska, southern Minnesota, Iowa, and much of Illinois was dry.

High Temperatures

The lack of rain was ideal for finishing up planting, but temperatures were also nearly ideal at mid-70s and mid 80s across the entire belt yesterday.  

The warm temperatures allow for good germination and early growth, especially given the fact that most areas have adequate moisture.

U.S. Radar

Today there is virtually no rain falling in the U.S. corn and bean belt.

7-Day Precipitation Forecast

The forecast shows no precipitation in the central and eastern belts with only light precipitation in the far west.

The best rains look to fall in the western portion of the plains as we move forward.


As we look out further, we maintain an above normal pattern for temperatures.

Again, in May that’s not a problem with 80-degree temperatures.  

The eastern belt remains in a dryer trend in the 6-10 days, but we start to see maybe some hints of improved moisture in the 8-14 day with normal moisture forecast in the heart of the belt.

Grain Market News

Corn: Weekly Export Inspections

Corn exports at 52.088 million bushels, which is slightly above the level needed.

We are still a little behind as our year to date is down 33.1% and USDA is expecting them to be down only 28.2%.

Soybeans: Weekly Export Inspections

Soybean exports were disappointing last week at just 5.697 million bushels.

That is below the level needed to reach the USDA forecast.

We will see if improved water levels on the river will allow for better export inspections.

The good news for soybeans is, our year to date our exports are down 1.9% and USDA is projecting exports to be down 6.6%.

Wheat: Weekly Export Inspections

Wheat exports had a good number at 14.98 million bushels, the best number since the month of February.

It was still below the level needed, but keep in mind unreported exports like food donations and food assistance programs are not always included.

It does appear we will be very close to reaching the USDA estimate.

Cattle on Feed

This chart shows 11.608 million head this year which makes us down 3.4% but one month ago we were down 4.4%.

So overall a good report from the feed industry.

May Corn Chart

Corn prices posted a low last week and it’s nice to see that we have not challenged that.

In fact, today’s chart was a higher close putting us right at overhead resistance.

If the corn market can break above that level, it may signal a bigger move into the 5.37-5.47 level.

That would be the next target but before we talk about that level, we do need to break above the overhead resistance very near where we closed today.

May Soybean Chart

Soybean prices made a new low by a penny overnight last night but then rallied closing sharply higher.

Soybeans are also right at overhead resistance and if we breakthrough that level then 12.47 is the next overhead chart point.

The strong close in beans was enough to turn the technical indicators higher today as well.

May KC Wheat Chart

Wheat prices have been in a sideways range for the last 6 months but also very volatile.

In early May we broke out to new lows, but we didn’t stay there and then last week we broke out to new highs.

Today’s close right back in the middle of the long-term range.


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