Morning Market Review for May 10, 2021 farmprogress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from farmprogress.com Daily Mail and Mail on Sunday newspapers.
Soybeans, wheat follow gains on weakening dollar, weather concerns
Corn up 6-8 cents
Wheat up 3-6 cents
Corn
Cold weather concerns are beginning to take a more significant toll on corn acreage potential this spring, as Chicago corn prices rallied $0.06-$0.08/bushel higher on planting delays. Planting season is still in its early days, but farmers could begin switching to soybean acreage if the delays continue. May 2021 corn prices hovered around $5.9375/bushel – still below the $6/bushel benchmark, but within striking distance.
All eyes will be on corn planting progress in this afternoon’s latest Crop Progress report, due out from USDA around 3pm CDT. A cold week in the Heartland and snow across the Northern and Central Plains stalled a lot of planters last week.