Soybeans soar more than 2% Monday, with some wheat contracts clearing 4% today
Grain prices soared again on Monday after tight domestic supplies, weather worries in Brazil and a late start to plantings in the U.S. triggered another big round of technical buying today. Corn finished the session limit up, with all futures carving out new life-of-contract highs. Soybeans trended 2% higher, meantime, while wheat contracts closed with gains ranging between 3% and 4%.
Plenty of rain is expected to roll through the eastern Corn Belt later this week, with significant parts of Missouri, Illinois and Indiana bracing for another 2” or more between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts even more seasonally wet weather for much of the central U.S. between May 3 and May 9, along with warmer-than-average temperatures.
Soybeans and wheat also trend higher on Friday
Some profit-taking overnight and early in Friday’s session kept corn and soybean prices on their heels for a while, but a late-session rally helped push them back into the green by the close. Nearby corn contracts rose another 1%, while soybean prices finished with more modest gains. Wheat prices also continued to improve today. Spring wheat contracts led the way with gains of 1.8%, while winter wheat contracts saw smaller improvements.
Most of the Midwest and Plains will see at least some measurable moisture this weekend into early next week, as some areas could gather another 0.5” between Saturday and Tuesday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts more seasonally wet weather for the upper Midwest between April 30 and May 6, with near-normal temperatures likely for most of the central U.S. during that time.
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Former U.S. Trade Ambassador Gregg Doud is now Vice President of Global Situational Awareness & Chief Economist at Aimpoint Research. One of the primary architects of the U.S.-China Phase One deal will offer outlook on ag trade.
What was it like to work with President Donald Trump and negotiate the U.S.-China trade deal that led to robust exports of corn and soybeans to the Middle Kingdom?
Pull up a chair and listen in as Gregg Doud, former U.S. Trade Ambassador and one of the primary architects of the U.S.-China Phase One trade deal, shares his view of China and future ag exports at the upcoming Farm Futures Business Summit, June 16-17 at the Coralville Marriott Hotel and Conference Center near Iowa City.
Does your farm develop a monthly or quarterly cash flow statement? Do the leaders in your operation know how to analyze farm growth opportunities? Are you wondering about the best use of working capital as it relates to your farm’s debt, capital asset needs, and income taxes?
Those are some of the topics we’ll be touching on
live at the 2021 Ag Finance Boot Camp, to be held June 15 at the Coralville Marriott Hotel and Conference Center just outside Iowa City.
This is a national educational workshop and everyone is welcome. The Ag Finance Boot Camp teaches more than just money management. It educates farm families on how to become better business managers. This high energy workshop offers top-level training and plenty of opportunities to engage with presenters.