Corn and Soybean Market Weekly Recap

Apr 14, 2022

Corn posting solid gains this week. This is a short week with no markets tomorrow for Good Friday. July corn closed today at 783’6 for a gain of just under 25 cents for the week. New crop corn closed at 735’4 for a 20-cent gain on the week. This week started off with a sale of 1.02 million tons of U.S. corn to China which was split between the 21/22 and 22/23 crop year.

Soybeans struggling this week with the July contract starting the week off at 1670’2 and ending at 1665’2. New crop soybeans starting the week off at 1497’0 and ended that week at 1501’4. A 5-cent loss in July soybeans this week might not sound great, but we need to remember the rally of over a dollar it had last week. Soybeans were beaten down, after the quarterly stocks report on March 31st showed a record number of prospective planting acres.  China purchased 132,000 tons soybeans this morning, the only major soybean purchase from them this week.

Chicago Wheat gaining over 40 cents this week after a gap up start to trade on Sunday night. Wheat closed 1056’4 the previous Friday but opened up Sunday night at 1063’0 and finished off the week at 1104’4. Continued war in Ukraine keeps war premium in the wheat market. Weather in the U.S. Southern Plains has also been supportive to the wheat market.

Northern U.S. Plains and upper Midwest saw cooler temps and moisture this week. The cool/damp weather has slowed corn harvest in many states. Unfortunately, the moisture mostly missed the Southwestern Plains that have been struggling with drought. Argentina saw some rain last weekend but remained dry for most of this week. Brazil did get some moisture to start the week, but also turned to the dry side towards the end of the week.