Weather in the United States woes kick grain prices higher
United States
Published Apr 13, 2022
Tridge summary
Grain prices found bullish support today, thanks to a variety of reasons, including worries about possible planting delays for corn, poor crop quality for wheat, concern from the ongoing war in Ukraine and spillover support from red-hot energy prices. Corn firmed around 1.5% higher, with soybeans rising 1.25%. Wheat gains were variable, ranging between 1% and 2% today.
Original content
More rain and snow is coming to the central U.S. later this week, with the highest amounts likely along the Mississippi River corridor between Wednesday and Saturday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s new 8-to-14-day outlook predicts drier-than-normal conditions for part of the Central Plains between April 19 and April 25, with seasonally cool weather likely for the eastern half of the country. On Wall St., the Dow gave up morning gains to fall 59 points in afternoon trading to 34,249. Newly available inflation data was high but not quite as high as some analysts expected. Energy futures saw substantial gains, anchored by crude oil jumping nearly 7% higher to $100 per barrel on production restraints in Russia. Diesel rose more than 6% higher, with gasoline up 5.25%. The U.S. Dollar firmed moderately. On Monday, commodity funds were net buyers of CBOT wheat (+12,000) contracts but were net sellers of corn (-1,000), soybeans (-14,500), ...
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