Traders squared positions ahead of a three-day holiday weekend on Thursday, with mixed results. Corn prices fared the best, firming nearly 1% on a round of technical buying over concerns about tightening global supplies and possible planting delays in the U.S. Nearby soybean contracts also trended slightly higher today. In contrast, wheat prices stumbled significantly, with most contracts down 1.5% to 2.5% on a round of technical selling and profit-taking.
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Most of the central U.S. will see at least some measurable moisture over Easter weekend, per the latest 72-hour cumulative precipitation map from NOAA. Parts of the Mid-South are likely to see the largest amounts between Friday and Monday. NOAA’s 8-to-14-day outlook predicts seasonally wet weather for the western half of the country between April 21 and April 27, with warmer-than-normal conditions likely for most of the Midwest and Plains during this time. On Wall St., the Dow trended 105 points in afternoon trading to 34,670, although investors remain concerned over high inflation and how aggressively the Federal Reserve may ramp up interest rates to combat it. Energy prices continued to push higher today, with crude oil up another 2.5% this afternoon to $107 per barrel. Diesel rose 3.5%, with gasoline up 2.75%. The U.S. Dollar firmed moderately. On Wednesday, commodity funds were net buyers of corn (+4,000), soybeans (+1,500), soyoil (+4,500) and CBOT wheat (+4,500) contracts ...
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