US: Corn prices tried to inch a bit closer to life-of-contract highs

Published 2022년 4월 28일

Tridge summary

Corn prices experienced slight fluctuations, coming close to the highs of their life-contracts but ultimately ending with mixed results. The bullish sentiment persists due to potential planting delays in the U.S. and export challenges in Ukraine. However, an increase in soybean acres and disappointing wheat export data led to a drop in soybean and wheat prices. Rainy weather in the Midwest and Plains, potential EU Embargo on Russian supplies, and the Indonesian palm oil export ban were the main talking points. Despite these developments, the U.S. Dollar firmed moderately, reaching its strongest levels in over two years.

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