Grain markets finished mixed today as USDA June crop report did not provide any surprises.
Weekly Price Summary
Grain Market News
U.S. Ending Stocks
World Ending Stocks
South American 2023 Production
Grain Market News
Corn Areas in Drought
Minor production areas in light green, major production areas in dark green, and then areas right now that are covered by the U.S. drought monitor are in the red areas.
USDA is currently estimating that approximately that 45% of U.S. corn acres are seeing some kind of drought conditions.
This compares to just 34% one week ago and just 26% two weeks ago.
7-Day Observed Precipitation
We see very dry conditions in the eastern corn belt, mixed precipitation with some areas good rain and some completely missed in the central belt, and then very good general rain in the western plains.
Corp conditions will almost certainly decline in the eastern belt and somewhat mixed in the western belt in Mondays update.
We believe crop conditions could drop 2-3 maybe 3-4 percentage points next week.
The eastern belt has not gotten much rain this week and there is no rain on the radar today.
They are going to have to wait until Sunday when we will start to see better moisture and opportunities for rain.
7-Day Precipitation Forecast
The forecast is still calling for some decent rain from .75-1.25 inches across much of the central belt, heavier rains to the south, much lighter rain to the north.
If this forecast verifies it will still leave areas short of moisture.
May Corn Chart
Corn prices did slip lower early in the day but turned around closing closer to unchanged and a dime off the daily low.
We got mixed signals for today and for the week.
We do see some topping action in the short-term chart and the short term technical.
From a longer-term perspective we did break out above the 40-day moving average.
The chart overall is mixed with overhead resistance at 5.48 and chart support at 5.20.
Today we closed at 5.34.
May Soybean Chart
Soybean prices had a good day with a new high for the move and a new high close above $12.
The chart for beans looks good as well as the technical indicators.
Overhead resistance is in the 12.40-12.50 range.
May KC Wheat Chart
Wheat did not provide any strong signals today with an inside trading day.
This leaves the market chopping back and forth within the same range going back to November.
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