The advance of US sowing pushes back corn prices

Published May 30, 2024

Tridge summary

Corn and soybean prices have experienced a decline in Chicago due to the rapid progress of sowing work, with plantings already 83 and 68% complete as of May 29, a significant increase from previous averages. Favorable weather conditions are expected to further accelerate this pace. However, spring wheat plantings are also progressing quickly, while the ratings for winter wheat have seen a decrease to 48% "good to excellent," a decrease from 34% last year. Despite anticipated rainfall in Russia and Ukraine, straw cereal prices continue to decrease due to technical considerations. As a result, SRW wheat due July 2024 has fallen $7.5c/bu to $6.93/bu, corn futures for the same period have dropped to $4.55/bu, and soybeans for July 2024 have decreased by 15.5 c$/bu to $12.14/bu.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Corn and soybean prices fell again this Wednesday evening in Chicago, in particular in reaction to the rapid progress of sowing work last week. According to the latest Crop Progress from the USDA, corn and soybean plantings were in fact 83 and 68% complete as of May 29, compared to 82 and 63% respectively on average five years. Weather conditions favorable to an acceleration of the work are also announced at the end of the week. Spring wheat plantings are also progressing quickly, but winter wheat ratings of “good to excellent” were lowered one point, to 48%, from 34% last year. However, straw cereal prices remained stuck in negative territory in the face of technical considerations and highly ...
Source: TerreNet
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