Grain prices finished lower today as the outside market reversed and turned negative again.
Grain Market News
U.S. Corn Planting Progress
Corn progress is now at 97% complete as we are wrapping up the corn planting season.
Keep in mind in late April through mid-May we were behind average by about 2-2.5 weeks.
U.S. Soybean Planting Progress
Soybean progress is at 85% complete, that’s close to the 5-year average but a little slower than the long-term average.
Bottom line is that we have been catching up with the soybean planting given the favorable weather over the last 3-4 weeks.
U.S. Corn Crop Condition
We are siting at 72% good to excellent, that’s down 1% from last week, but it’s still a good rating for the middle of June.
U.S. Soybean Crop Condition
USDA reported the first official nationwide soybean conditions in yesterday’s report at 7% good to excellent, that’s above average and above last years so a good rating to begin the season.
U.S. Winter Wheat Crop Conditions
Winter wheat crop conditions will be coming to an end as harvest is starting. Our harvest advanced from 5% as week ago to 10% complete now.
Harvest is just beginning in south central Kansas; the crop rating was up 1% in the good to excellent category and it is now 31%.
U.S. Spring Wheat Crop Rating
Our rating on Spring wheat is at 53% good to excellent, this is below average and likely due to the fact that we have gotten a very slow start to the planting season in the northern plains.
Grain Market News
7-Day Precipitation Forecast
Our 7-day forecast shows some rain for eastern Nebraska, Iowa, into southeast Minnesota and Wisconsin.
This rain is primarily going to fall later today and tonight and then we will get into a dry spread with very little precipitation late this week and into early next week.
Forecast High Temperatures
Its hot today with a lot of mid and upper 90s and even some 100s in the belt today.
As we look ahead this is the forecast for Saturday with another wave of extreme heat with 100s from Texas all the way to the Canadian border and that heat will be moving eastward.
Next week shows a lot of heat and it continues to be above normal into the 8–14-day forecast.
With the exception of the northern plains, it’s going to be below normal precipitation.
September Corn Chart
Corn prices after bottoming 2 weeks ago have rallied 46 cents up to yesterdays high.
Major chart support comes in at 6.94 with major overhead resistance at 7.78 the contract high and today’s market is fairly close to the middle of that range.
September Soybean Chart
Soybean prices tested overhead resistance at the contract highs late last week and now price shave pulled back about 74 cents off the highs posted a week ago.
The soybean market has come back down to the middle of the range that’s been in place going back to early February.
Since the highs last week, the short-term chart and the technical has turned downward, as of today the chart and technical picture is not bottoming yet.
September KC Wheat Chart
Wheat prices continue to find support at our long-term uptrend line, that’s good news for the bulls.
We have not been able to breakout, and we continue to have overhead resistance from our 40-day moving average which is encouraging news for the bears.
Bottom line is wheat prices have been stuck in a range from about 2 weeks waiting for fresh news.
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