Photo credit: Iowa Corn U.S. farmers will plant less corn and soybean land than expected this year, despite a surge in commodity prices, suggesting that tighter grain supplies will persist into 2022, said the USDA on Wednesday. Although with normal weather and yields, the corn and soybean harvests could be the second largest ever, they will not be quite as large as projected by traders and the government. A surge in exports, led by large sales to China, is cutting into U.S. grain stockpiles and driving corn and soybean futures prices to their highest levels in years. Traders expected farmers to respond by planting an additional 9 million acres of corn and soybeans, the two most popular crops in the country. Instead, the increase will be a combined 4.8 million acres, growers told the USDA in a survey conducted during the first two weeks of March.
The market reacted negatively, initially, then finished mostly higher. By
3/9/2021 The USDA leaves its crop ending stocks numbers mostly unchanged; the market takes it as a negative report. On Tuesday, the USDA released its March Supply/Demand Report. As a result, the CME Group’s farm markets mostly dropped. Soybeans fell 6¢, corn down 4¢, and wheat up 4¢. At the close, the May corn futures finished 1 1/4¢ lower at $5.46 1/2. July corn futures settled 1 1/4¢ lower at $5.34 3/4. New crop December corn futures closed 3 1/4¢ higher at $4.84 1/2. May soybean futures closed 6 1/4¢ higher at $14.40 1/2. July soybean futures closed 7 3/4¢ higher at $14.26 3/4. New crop November soybean futures closed 7 3/4¢ higher at $12.62 1/4.
On Thursday, the CME Group’s farm markets await bullish news. At the close, the March corn futures settled 2¾¢ lower at $5.50¼. May corn futures closed 1¾¢ lower at $5.49. New-crop December corn futures finished ¾¢ lower at $4.59¼. March soybean futures closed 8¾¢ lower at $13.75. May soybean futures finished 8¼¢ lower at $13.76¾. New-crop November futures settled 2½¢ lower at $11.86½. May wheat futures settled 17¾¢ higher at $6.65¾. May soymeal futures closed $6.20 short term lower at $425.00. May soy oil futures finished 0.11¢ higher at 46.25¢ per pound. In the outside markets, the NYMEX crude oil market is $0.69 per barrel lower (-1.13%) at $60.45. The U.S. dollar is lower, and the Dow Jones Industrials are 96 points lower (-0.31%) at 31,516 points.
12/24/2020 Corn holds near 17-month high despite S. America weather Wheat steps back, still near two-month high
(New throughout; updates byline, dateline previously
PARIS/SINGAPORE)
By Christopher Walljasper
CHICAGO, Dec 24 (Reuters) - Chicago soybeans climbed for a
sixth consecutive day as a labor strike in Argentina stalls
through the Christmas holiday, curbing global supply.
Corn rose for a 10th consecutive session, supported by
prolonged South American dryness that could hurt harvest
prospects. Wheat slipped on holiday profit-taking, but held near
two-month highs.
The most-active soybean contract on the Chicago Board of
Trade (CBOT) added 4-1/2 cents to $12.64-1/2 per bushel,
after reaching $12.75 per bushel, its highest since June 23,
U S grains: Soybeans add new highs on Argentine supply disruptions canadiancattlemen.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from canadiancattlemen.ca Daily Mail and Mail on Sunday newspapers.