CBOT Ends Mixed
Corn
May corn ended at $3.75, up 2 ¾ cents. Corn basis is firm with farmers focused on the new crop instead of selling the old for now. Weather models are calling for cooler temps in the southern and eastern corn belt into Oklahoma and Texas as the result of a more progressive and southerly storm track with warmer temps in the Northern Plains. That does translate into a little less moisture in the northern and western portions of the Corn Belt, compared to previous forecast runs. Plantings were not as far behind as many had expected according to the USDA Monday.
Soybeans
May soybeans closed at $9.89 ½, down 15 ¼ cents. Swine flu dragged prices lower, with concern over demand the overwhelmingly bearish factor. Plantings are in line with expectations, corn was not as far behind as many had expected yesterday which explains new crop months clawing a little of the inverse differential back. South American crop still seem to have the potential to work lower. Oil World lowered its crop production estimates for Argentina, Brazil and Paraguay citing lower than expected yields as harvest progresses.
Wheat
May CBOT wheat closed at $5.10 ½, up 2 ½ cents. Crop damage from the April freeze is continually revealed as the growing season progresses, with Oklahoma particularly badly affected. Better planting conditions are in the forecast for northern spring wheat which will bring some relief to producers in that area, however, the later the grain is planted the more concern there is for yield.
May corn ended at $3.75, up 2 ¾ cents. Corn basis is firm with farmers focused on the new crop instead of selling the old for now. Weather models are calling for cooler temps in the southern and eastern corn belt into Oklahoma and Texas as the result of a more progressive and southerly storm track with warmer temps in the Northern Plains. That does translate into a little less moisture in the northern and western portions of the Corn Belt, compared to previous forecast runs. Plantings were not as far behind as many had expected according to the USDA Monday.
Soybeans
May soybeans closed at $9.89 ½, down 15 ¼ cents. Swine flu dragged prices lower, with concern over demand the overwhelmingly bearish factor. Plantings are in line with expectations, corn was not as far behind as many had expected yesterday which explains new crop months clawing a little of the inverse differential back. South American crop still seem to have the potential to work lower. Oil World lowered its crop production estimates for Argentina, Brazil and Paraguay citing lower than expected yields as harvest progresses.
Wheat
May CBOT wheat closed at $5.10 ½, up 2 ½ cents. Crop damage from the April freeze is continually revealed as the growing season progresses, with Oklahoma particularly badly affected. Better planting conditions are in the forecast for northern spring wheat which will bring some relief to producers in that area, however, the later the grain is planted the more concern there is for yield.
