Market News

Corn, wheat lower to start the week

Soybeans were mixed on spread trade, May contracts closed 2 and 1/4 higher at $10.52.  Beans started the day lower, but by midmorning had turned themselves around.  The USDA has soybean planting pace ahead of the average at 18 percent complete.  There continues to be mixed reports about trade negotiations with China.  The back and forth will likely lead to some continued volatility in the market. Soybean meal was lower to start the week as well. Beans continue to watch the weather, with some rain in the forecast for parts of the country while other areas warm up and stay dry.  South America’s harvest is heading into the homestretch and there are few disruptions expected.  Export inspections was one of the lowest to date for this marketing year. 

Corn was modestly lower on fund and technical selling.  May corn closed 3 and 1/4 lower at $4.75 and 1/2. Twenty-four percent of the corn crop has been planted, and 5 percent of the crop has emerged.  Both are ahead of the average rate.  The market continues to monitor weather, which does have rain in the forecast this week for parts of the Corn Belt, but the forecast is for warmer and drier conditions in other areas.  Weekly Crop Progress is expected to show both planting and emergence ahead of the averages.  Export Inspections were solid this past week. 

The wheat complex is lower as the market continues to monitor weather conditions.   Wheat has remaind under heavy selling pressure.   May wheat in Chicago closed 14 and 1/2 cents lower at $5.15 and 1/2. There were some decent rain totals in hard red winter wheat areas, leading to a 4 percent improvement in crop conditions.  This week the USDA has 49 percent of the crop is rated good to excellent and 27 percent of the crop has headed.  Wheat has been under heavy selling pressure.