TOP STORIES: Corn Slides as China Breaks Buying Streak Corn for July delivery fell 0.75% to $6.59 1/2 a bushel on the Chicago Board of Trade on Friday as there were no reported orders from. | May 22, 2021
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Northern hemisphere corn and wheat markets see better weather prospects Both corn and wheat markets were pulling back as rain and more favorable forecasts emerged for wheat in the US, Canada, and across the EU.
However, corn remains a concern in Brazil, where very little precipitation has landed or is forecast across large parts of the Safrinha corn area, report UK based commodity market specialists,
Statistics Canada released their March planting estimates. “
Overall, there is a trend towards oilseeds and away from grains. The total wheat area is estimated to be down 6.9% year on year,” noted the analysts.
Meanwhile, Black Sea confidence remains strong, with estimates for Ukraine wheat production in 2021/22 at 27.7MT up from 25.3MT in 2020/21, according to the Ukrainian Grain Association.
The following marketing analysis is for the week ending April 23.
CORN â Letâs just take a moment and absorb this weekâs impressive rally to prices not seen since July 2013! Old crop corn contracts locked up the 25-cent limit on April 22. The nearby contract closed above $6.00 for the first time since 2013. A combination of demand (high basis levels), cool temperatures in the United States (which will slow germination), stress on Brazilâs safrinha corn crop caused by a lack of moisture, and the willingness of money to flow into the market on the long side combined to punch prices to multi-year highs.