Grain prices were very volatile yesterday. Corn closed higher, soybeans sharply lower, and the wheat market was mixed. In the overnight markets, the grain markets are mostly lower after starting out higher last night.
At this hour, July corn is down 10 cents, with December corn trading 5 cents higher. July soybeans are down 20 cents with November down 14 cents, and wheat prices are mixed with Chicago prices lower and KC and Minneapolis slightly higher. Funds continue to liquidate long positions.
Today in the outside markets crude oil is slightly lower after moving sharply lower yesterday. The U.S. dollar is up 0.29 points and the U.S. stock index futures are lower again. The huge old crop premium to new crop price premium continues to move lower.
Looking ahead to April and the second quarter of 2022
First, keep in mind that the March 31 acreage report is called the Planting Intentions report and that the actual numbers may look different in the June 30 Planting Report.
With the current soybean to corn price ratio at 2.09 to 1, this rally will buy corn acres this spring if Mother Nature cooperates.
Yesterday was the end of the month and first quarter. Let’s see how prices trade next week.