Grain markets finished mixed with corn and soybean finishing lower as midday weather maps added rain to the forecast for this weekend.
Grain Market News
7-Day Observed Precipitation
Back to last week, there has been very little to no rain in the delta and into the eastern belt, just a few scattered showers.
In the central and western belt there has been some scattered precipitation, areas of Iowa have seen nice showers as well as Minnesota, Kansas, Nebraska, and Oklahoma.
Unfortunately, much of the heart has not seen the soaking rain.
High Temperatures Friday
Friday temperatures for the entire belt were in the upper 80s to low 90s.
High Temperatures Saturday
Saturday had upper 80s and low and mid 90s across the entire belt.
High Temperatures Sunday
Yesterday’s temperatures were mid to upper 80s and low to mid 90s.
These temperatures have been above normal and around the 90-degree mark for about a week now.
Current conditions have some very dry air moving in from Canada impacting the eastern belt.
Not only are temperatures warm but dew points are low.
Scattered rainstorms could pop up in the central and western belt today.
7-Day Precipitation Forecast
This did add some rain into the southern belt where maybe a half inch to .75 totals could be seen.
This is still below average, but it is an improvement which allowed the market to reverse from trading higher this morning to trading lower at today’s close.
The heart of the belt looks normal to slightly below normal temperatures in the 6-10 days and normal or slightly below normal in the 8-14 day.
Precipitation shows a dry trend for the northern belt through the 14-day forecast but improved or wetter conditions are possible in the southern belt down into the delta.
That improved forecast can be seen when looking at soil moisture.
You can see there are a few areas where soil moisture could improve.
Grain Market News
Corn: Weekly Export Inspections
Corn exports came in at 46.49 million bushels, down a little bit from the last couple of weeks.
Over the last 4 weeks exports have been running close to the target.
Year to date after ¾ of the marketing year is behind us, corn exports are down 31.7% and USDA is projecting 28.2%.
Soybeans: Weekly Export Inspections
Soybean exports have been somewhat disappointing over the past 4 weeks running a little bit behind the pace needed to reach the current export forecast.
The good news is the year-to-date exports, after 3/4 of the marketing year is behind us, are down 2.5%, which is above the target of 6.6%.
May Corn Chart
Corn prices did make a new high for the move up to 5.48.
That has allowed corn prices to attack that level between 5.47-5.37.
This doesn’t mean the corn market can’t go higher, it just tells us from the chart perspective we need to see some bullish news.
If we don’t get bullish news, current chart support would be around 5.25-5.30 area.
Overhead resistance is around 5.60.
May Soybean Chart
Soybean prices have turned the corner and are pointed upward.
A new high was established today at 11.95 and the technical is pointed upward.
Overhead resistance in the next area is up in the 12.47 area.
We would need to see some friendly news over the next few weeks to test overhead.
May KC Wheat Chart
Wheat is pointed upward in the short term and the technical is as well.
Wheat closed higher today, and the first objective has now been achieved.
If wheat could get friendly news, then this market could continue to work higher, possibly testing the upper end of the range.
Wheat closed at 8.20 today.
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