Grain prices continued to push higher on Monday as they remain in a bullish environment due to domestic and foreign factors. In the U.S., rainy weather in the Corn Belt could cause planting delays, while drought in the Plains keeps the winter wheat crop in jeopardy. Overseas, Ukraine’s struggles to export grain has created an ongoing supply pinch. As a result, corn prices jumped above $8 per bushel for the first time since 2012 on gains of nearly 3% today.
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Soybeans rose almost 2%, with wheat gains varying between 2% and 3%. Most of the Corn Belt will see measurable moisture between Tuesday and Friday, but few areas will gather more than 0.5”, according to the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook near-normal precipitation amounts for most of the central U.S. between April 25 and May 1, with seasonally cool weather likely for the northern third of the country as the month winds down. On Wall St., the Dow firmed 55 points to 34,507 in afternoon trading with the banking sector leading the way today. Investors remain skittish about rising bond rates, however, which can be a precursor to recessions. Energy futures were mixed. Crude oil tracked more than 0.75% higher this afternoon to stay above $107 per barrel. Nearby diesel contracts were up nearly 0.5%, but gasoline dropped more than 1%. Volatile natural gas jumped nearly 7% higher. The U.S. Dollar firmed moderately. Last Thursday, ...
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