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Morning Market Review for May 10, 2021
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Afternoon Market Recap for May 7, 2021
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Soybeans and wheat also make major inroads Friday
Grain prices capped off another successful week with another round of grains after a round of technical buying Friday as traders maintain their focus on strong demand and dwindling supplies. Corn prices firmed more than 1.5% today, while soybeans rose another 1% higher. Most wheat contracts also finished Friday’s session nearly 1.5% higher, although spring wheat futures saw much more modest gains today.
Wetter weather is returning to parts of the eastern Corn Belt starting this weekend, with large portions of Illinois, Indiana and Ohio set to see at least 1.5” between Saturday and Tuesday, per the latest 72-hour cumulative precipitation map from NOAA. Seasonally wet weather in the central U.S. is likely to extend between May 14 and May 20, according to NOAA’s latest 8-to-14-day outlook. Warmer-than-normal temperatures are likely in the Central Plains during this time.