But corn, soy, and wheat are all slated to post weekly gains on record rallies
Corn down 5-7 cents
Wheat down 1-5 cents Prices as of 6:50 am CDT.
Happy Friday! May options expire today, which led to a flurry of buying in yesterday’s trading session as option sellers bought futures contracts to offset their short option positions. May futures contracts move into delivery next Friday, April 30.
Chicago corn futures closed up the limit in yesterday’s trading session as cool weather continues to fuel concerns about slow germination rates and planting delays across the Heartland – which would invariably lead to few acres planted this year when supplies are already forecast to be the sixth-tightest on record. Revived ethanol production also supported yesterday’s eye-popping gains as ADM ethanol plants in Cedar Rapids, Iowa and Columbus, Nebraska come back online after idling during the pandemic.
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.
Soybeans rise on export prospects, planting delays
Corn up 4-6 cents
Wheat up 4-6 cents
Corn
Corn prices continued a two-day winning streak this morning as cold and wet weather stalled planting progress in the greater Midwest again, raising yield concerns about plants already in the ground and reduced acreage potential for the 2021 crop. The worries sent May 2021 futures prices on the Chicago Board of Trade to $5.98/bushel, nearing the crucial $6/bushel benchmark.
Tightening supplies from China led to another strong week of export loading volumes last week, adding another layer of support to corn prices.
Despite a week of cold temperatures and scatterings of snow and rain, corn planting progress around the U.S. continued in rapid fashion last week, rising 4% from the previous week to 8% complete as of April 18 in yesterday’s weekly Crop Progress update from USDA. Progress remains largely in line with the five-year average for the same reporting period, though yesterday’s re
Feedback from the Field Round-up: Week ending April 18, 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.
Chicago and Kansas City follow Minneapolis futures higher on yield concerns
Corn up 1-2 cents
Wheat up 8-11 cents
Corn
Corn prices inched up this morning, supported by ongoing planting delays in Brazil. Rainy forecasts in the Midwest over the next few days are also contributing to the morning’s gains.
USDA releases its weekly export sales report this morning. Old crop corn export sales are likely to register smaller volumes than last week, with market analysts projecting a range between 19.7 million – 35.4 million bushels. New crop corn export sales are expected to range between 2.0 million – 11.8 million bushels.
USDA reported two large daily flash sales of old crop corn during the week ending April 1. Japan ordered 4.4 million bushels of corn to be delivered in the 2020/21 marketing year. An unknown buyer also booked nearly 4.0 million bushels of corn scheduled for 2020/21 delivery.