US: Corn prices fight and fail to move higher

Published 2022년 4월 28일

Tridge summary

Corn and soybean prices experienced mixed results on Thursday, with corn trying to reach life-of-contract highs due to planting delays and export challenges in Ukraine, while soybeans saw a moderately lower price due to anticipated increased planting. Wheat prices also declined after disappointing export data. The U.S. Dollar strengthened, and energy futures firmed as there is an increasing likelihood of an EU embargo on Russian supplies. Private exporters announced the sale of 42.8 million bushels of corn to China, and export volumes were up 31% from the previous week. Soybean export shipments were down 10% below the average, and Indonesia's palm oil export ban has stalled around 290,000 metric tons bound for India. Wheat export shipments also saw a decrease of 35% below the average.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Corn prices tried to inch a bit closer to life-of-contract highs on Thursday as bullish sentiment remained in play but ultimately finished the session with slightly mixed results. Rainy weather across the Corn Belt is expected to hand out additional planting delays this spring, while the war in Ukraine continues to limit grain availability overseas. But weather-related delays could boost soybean acres this season, and prices responded by shifting moderately lower. Wheat prices also slumped after a disappointing set of export data prompted some technical selling and profit-taking today. Ample wet weather is likely for large swaths of the Midwest and Plains between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. Significant portions of Nebraska and the Dakotas could see 2” to 3” fall during this time. NOAA’s latest 8-to-14-day forecast predicts near-normal precipitation for much of the Corn Belt between May 5 and May 11, with seasonally cool weather ...

Source: Prairie Grain Partners