Fast fieldwork slashes corn, soybean prices
Grain prices were mixed but mostly lower after USDA reported faster-than-expected planting pace for both corn and soybeans in its latest weekly crop progress report. Corn took the largest hit, eroding nearly 2% lower, while soybeans lost more than 1% by the close. Wheat prices were sensitive to the fact that quality ratings are dismal to the west but fairly solid farther east. That left Chicago SRW contracts down 1.5% to 2%, while Kansas City HRW and MGEX spring wheat prices held firm.
Wet weather is likely later this week, with some parts of the Dakotas, Nebraska, Kansas, Missouri and Arkansas likely to gather another 1” or more between Wednesday and Saturday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s new 8-to-14-day outlook predicts a return to seasonally dry conditions for the Corn Belt between May 16 and May 22, with colder-than-normal conditions likely for the Ohio River Valley and Great Lakes region next week.
May 09, 2023