September Corn Chart

Corn prices crashing through chart support that has been holding for about a week.

That was a very negative development and when prices broke through that chart support, wave after wave of computerized and fund selling pushed this market sharply lower.

Technical indicators are now extremely oversold, there is no sign of bottoming action in today’s chart or technical.

September Soybean Chart

Soybean prices have bounced nicely early when the stocks and acreage reports came out.

Soybeans rallied to 16.01, a new high for the move but then they turned around and closed at 15.60, 40 cents off the daily high.

Technical indicators that were pointed sharpy higher are now turning a little bit.

September KC Wheat Chart

Wheat prices down sharply finding a new low. When wheat prices broke through chart support in our consolidation area that triggered large and heavy fund selling and computerized selling ushing wheat sharply lower on the day.

KC wheat has now fallen $4.30 off the highs that were posted a little over a month ago.

Closing Market Comments June 30, 2022

Today’s Prices

Grain prices finished sharply lower today as USDA provided lightly negative news in the stocks and acreage reports.

The exception would be bullish soybean acre numbers, but beans fell late in the day due to the weakness in corn and wheat.

Grain Market News

2022 Planted Acreage

Corn acres came in slightly above what the trade was expecting, soybeans cam in over 2 million below what the trade was expecting, and wheat was just slightly above what the trade was expecting.

The trade was thinking all together they would come in around 227 and we ended at 225.3 with most of that coming in lower-than-expected soybean numbers.

U.S. Corn S&D

USDA adjusted planted acres to 89.921, adjusted harvested acres to 81.940. That’s up about 240 thousand from the June crop report.

This leaves production at 14.503 billion, up 43 million bushels from the June crop report.   

Ending Stocks of 1459.

U.S. Soybean S&D

USDA acres planted at 88.325, acres harvested at 87.511, and leva production at 4.507 down a 143 million bushels from the June report.

Carryout went from 280 to 159.

U.S. Wheat S&D

USDA had production about 27 million bushels larger, 5 million bushels of additional beginning stock, and it gives us ending stocks 660 instead of 627.

Grain Market News

3-Day Observed Precipitation

Rainfall this week has been limited to some isolated rain in North Dakota, portions of eastern Minnesota, and a very small strike in northeast Iowa.

The heart of the belt and the bulk of the U.S. corn and bean belt has been completely dry so far this week.

Today’s Conditions

Current conditions show upper 80s and lower 90s across almost the entire U.S. corn and bean belt.

We also see a continuation of the dry weather for the bulk of the belt, with just a few showers in Minnesota and Wisconsin.

7-Day Precipitation Forecast

Today’s forecast is adding rain, it seems as though the forecast has added a little more rain each day that we have gone through this week.

The forecast is showing very good rain for much of the U.S. corn and bean belt, including almost all of Iowa and much of Illinois and Indiana.

Temperature Outlook

The 6-10 day and 8-14 day both showing above normal temperatures. We are expecting to see a lot of 90s over the next 2 weeks.

With a ridge in the southern plains and down into the lower Mississippi valley we could get some ridge running thunderstorms to fall across the central and northern belt. Some of that rain will drip into the eastern belt as well.

The 8-14 day we still see that general trend of a high-pressure ridge to the south and ride riding storms across the Great Lakes and into the eastern belt.

Hogs & Pigs Inventory

September Corn Chart

Corn prices crashing through chart support that has been holding for about a week.

That was a very negative development and when prices broke through that chart support, wave after wave of computerized and fund selling pushed this market sharply lower.

Technical indicators are now extremely oversold, there is no sign of bottoming action in today’s chart or technical.

September Soybean Chart

Soybean prices have bounced nicely early when the stocks and acreage reports came out.

Soybeans rallied to 16.01, a new high for the move but then they turned around and closed at 15.60, 40 cents off the daily high.

Technical indicators that were pointed sharpy higher are now turning a little bit.

September KC Wheat Chart

Wheat prices down sharply finding a new low. When wheat prices broke through chart support in our consolidation area that triggered large and heavy fund selling and computerized selling ushing wheat sharply lower on the day.

KC wheat has now fallen $4.30 off the highs that were posted a little over a month ago.

Questions or Comments

September KC Wheat Chart

Wheat prices still in a sharp downtrend, but we are seeing some hints of some bottoming action from the chart and the technical indicators.

Certainly, the markets are hinting of a possibility that we are finding some bottoming action.

We expect this market to easily trade somewhere between the 10.90-11.19 level over the next few weeks.