Closing Market Comments May 31, 2023

Today’s Prices

Grain markets finished mixed today bouncing back from sharply lower prices earlier this morning.

Grain Market News

Winter Wheat Crop Conditions

We can see the improvement on this chart from the lows in late April.

The crop is still rated relatively low, well below average.

The 34% good to excellent is a little above last year.

Corn Crop Conditions

Corn came in at 69% good to excellent.

That is slightly below last year’s rating at 73% but very close to the 20-year average.

Grain Market News

High Temperatures

Mostly upper 80s and low 90s across the entire U.S. corn and bean belt.

These temperatures are not extreme, but they are much warmer than average for this time of year.

7-Day Observed Precipitation

We have gotten a little bit of rain in southwestern Minnesota, west of the Des Moines area, and southwest of Kansas City.

Much of the Delta, eastern belt area, into central Iowa has seen no rain.

14-Day Observed Precipitation

Some very nice rains in southwest Minnesota and somewhat in the west of Des Moines area.

Much of northern Missouri, eastern half of Iowa, much of Illinois, and Wisconsin has seen very little to no rain.  

Topsoil Moisture

Topsoil Moisture

U.S. Radar

There are a few showers in Missouri, Illinois, and northeast South Dakota. None of these are widespread.

7-Day Precipitation Forecast

The forecast shows the eastern belt expecting little to no rain over the next week.

With temperatures near 90 expected through Monday we are going to see additional rapid loss of soil moisture.

Current conditions are much dryer than normal for this time of year.


Our 6–10-day forecast shows the above normal temperature and below normal precipitation.

Again, for about 60% of the U.S. corn and bean belt.

The best rains and cooler temperatures out in the far southwestern area, not for the heart of the belt

May Corn Chart

Corn prices were sharply lower this morning, but we did close in the upper half of the range.

We were still lower on the day, but we were able to bounce back nicely.

It’s going to be the weather that will determine if this market tries to retest the 5.37 or if we continue to push lower.

May Soybean Chart

Soybean prices also made a new low this morning down to $11.30.

Beans did turn around and bounced, closing at 11.46 so we did close 16 cents off the daily low.

It was still a lower day with the chart still pointed downward.

Technical indicators are still oversold.

May KC Wheat Chart

Wheat prices have been extremely volatile, going up, down, up, down.

The fact that wheat was able to do a reversal and close higher today was enough to hook the technical.

Wheat closed at 7.91.

Questions or Comments