Soybeans and wheat hit the hardest in Monday’s session
Grain prices were mixed but mostly lower to start the week after some technical selling and profit-taking. Wheat contracts showed the most downside today, with some contracts losing nearly 2% by the close. Soybeans saw more moderate losses, fading about 0.7% lower today. Corn prices showed a little more nuance, with May contracts falling more than 0.75% while July and September contracts trending higher.
While the Southeast will see plenty more rainfall over the next several days, most of the Midwest and Plains won’t see much more than 0.25” between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. But there will soon be a return to seasonally wet weather across the central U.S., per NOAA’s latest 8-to-14-day outlook, which covers the period between May 10 and May 16. Colder-than-normal temperatures are also probable across the Northern Plains and upper Midwest during this time.
Afternoon Market Recap for May 3, 2021
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How do you start a successful farm meeting? For the Farm Futures Business Summit, how the event got its start is interesting and Mike Wilson, editor of Farm Futures, offers that history. He also shares how the Ag Finance Boot Camp got its start.
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Corn, soy prices mixed on short-term supply outlook. (Comments are updated by 7:30 a.m. Central Time.)
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Old crop futures rise on strong current demand. New crop futures edge lower on favorable weekend planting forecast
Corn mixed
Wheat up 1-3 cents
Corn
After profit-takers took steam out of eight-year highs in the corn market yesterday, old crop prices moved higher this morning on concerns over the Brazilian corn crop. New forecasts show Southern Brazil will remain abnormally dry over the next couple weeks, which will further cause heat stress to the safrinha corn crop.
But a warm and dry weekend forecast for the U.S. Heartland sent new crop corn prices slightly lower as the prospects for favorable planting progress and crop development boosted supply outlooks for the U.S. 2021 corn crop.
May 2021 corn futures pass $7/bushel, but other contracts move south on profit-taking
Corn down 9-10 cents
Wheat down 12-15 cents
Corn
Nearby May 2021 futures prices closed yesterday at $6.955/bushel but met resistance at the $7/bushel level. May 2021 futures clawed back those gains overnight, rising past $7/bushel as the contract nears expiration, but the rest of the corn complex posted losses this morning as profit-takers went to work overnight, taking the top off corn’s eight-year high.
A dry weekend forecast calmed market concerns about planting progress with tight global supplies, dry forecasts in Brazil, and rising energy demand capping the morning’s losses, which spanned between $0.09-$0.10/bushel.
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