The war in Ukraine continues, and corn and wheat prices are higher again, while the soybean market is lower. Short term weather forecasts have turned wetter, with cold wet conditions likely to hit the central US starting on Tuesday.
Some areas of North Dakota and northern Minnesota could get 12 to 20 inches of snow. This is followed by another weekend storm. The 16-to-30-day forecast is for less rain but the temperatures stay cool. It is not going to be an early spring.
I am watching the spreads today between May and July corn, and May and July soybeans. If the May premium to the July continues to increase it shows strong cash demand. I will also be watching for more sales announcements of corn and soybeans going to China. A large cash and new crop corn sale was announced to China this morning.
May Corn trading range of 12¢ with the last trade up 2¢ at $7.10. May CBOT soybeans showing a trading range of 33¢, with futures now down 23¢ at $16.66. Wheat futures are higher with futures up 12¢ to 18¢.
In the outside markets crude oil is down $4.40 per barrel, the US stock market is lower and livestock futures slightly lower.
The stock and commodity markets are closed on Friday.
