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Morning Market Review for April 22, 2021

Planting delays continue to drive up prices in the grains complex Corn up 2-6 cents Wheat up 7-9 cents Corn Corn prices notched a new eight-year high overnight on continued concerns about planting delays across the Midwest amid unseasonably cool soil temperatures. Deteriorating corn crop conditions in Brazil also contributed to the uptick in old crop corn futures prices overnight. USDA releases its weekly export sales report today. Trade estimates suggest 2020/21 corn export sales are likely to range between 11.8 million – 31.5 million bushels while 2021/22 sales are anticipated to come in at 2.0 million – 11.8 million bushels for the week ending April 15. No large daily export sales of corn were reported to USDA during the April 8 – 15 reporting period.

Afternoon Market Recap for April 22, 2021

Soybean and wheat prices also trend substantially higher Thursday Less than a month ago, USDA’s bullish set of planting intentions data from March 31 sent corn prices limit up. Today, corn prices received an encore after locking limit up around 10:45 a.m. as the latest weather rally continued to heat up. Historically tight supplies for both corn and soybeans has traders concerned about the seasonally cool, wet weather that is pumping the brakes on planting progress. Corn tracked 4% higher today, with soybeans up nearly 2.5%. Wheat prices also soared, with most contracts adding more than 5% today on worries over winterkill damage in the U.S. Plains, coupled by overall strong demand.

Midweek Markets: Soybeans soar to seven-year highs

Planting was put on pause in most fields across the Midwest and Plains this week as rain, snow and cold weather hampered fieldwork. That has given grain prices a healthy boost in recent sessions, with corn climbing above $6 for the first time in years, and with soybeans sitting on multiyear highs as well. Strong supply and demand fundamentals have also contributed to the latest red-hot corn and soybean prices, with adverse weather overseas and some geopolitical concerns between Ukraine and Russia also proving supportive for wheat prices. Other thoughts for consideration – can ethanol production claw its way back to pre-pandemic levels? And how badly will the latest round of inclement weather stall planting progress moving forward?

Morning Market Review for April 16, 2021

The complex is still hitting technical resistance at $6/bushel as weather threatens supply forecasts Corn up 2-4 cents Wheat up 1-4 cents Editor’s Note: Our 2021 series is now live! Farmers can see how crop conditions are progressing across the United States. Want to share crop conditions from your corner of the world? Click here for the survey link. As soon as responses come in, they will be added to Farm Futures’ Google MyMap at this link. We can’t wait to hear from you! Corn After yesterday’s lackluster export data sent May 2021 corn futures in Chicago running from $6/bushel, the complex clawed back some of its gains overnight on cool weather concerns as planting season reaches its height, though is likely still hitting technical resistance at the $6/bushel benchmark.

Afternoon Market Recap for April 16, 2021

Soybeans grab double-digit gains while wheat comes in lightly mixed Corn prices faded for a second consecutive session Friday after another round of technical selling today. But nearby contracts still finished the week strong, moving more than 1.5% higher after capturing big gains earlier in the week. Soybean prices carved out moderate gains of around 1%, meantime, as traders shifted their focus back to historically tight supplies. Wheat prices were narrowly mixed, meantime, with CBOT futures dropping slightly while Kanas City HRW and MGEX spring wheat futures found small gains today. NOAA’s latest 72-hour cumulative precipitation map indicates that very few areas in the Midwest or Plains will see more than 0.1” of additional rains between Saturday and Tuesday. The agency’s 8-to-14-day outlook predicts some seasonally cool weather between April 23 and April 29 centered around the Great Lakes region, with wetter-than-normal conditions likely east of the Mississippi River.

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