Corn Futures React as First Grain Vessel Leaves a Ukrainian Sea Port Since Russian Invasion

Corn prices closed off their lows toward the end of the week but still closed down 1% for the week, holding most of last week’s gains of more than 10% which the best weekly performance since early March. The first grain vessel to leave a Ukrainian sea port since the start of the war was inspected in Turkey on Wednesday before its onward journey to Lebanon, but Ukrainian President Zelenskiy said this was only a fraction of what Kyiv needed … Continue reading “Corn Futures React as First Grain Vessel Leaves a Ukrainian Sea Port Since Russian Invasion”

Corn Futures Best Week Since early March Rising 10% with Hot, Dry Conditions in France

Corn prices closed off their highs Friday, both September corn and December corn were up 1¢ after being up 14c in the morning. Corn closed the week with gains of more than 10%, the best weekly performance since early March. On Thursday, commodity funds were net buyers of corn by +11,000.  The weekly Crop Progress report next week is expected to show crop ratings stable if not down 1% to 2%. With the current supply and demand situation in the … Continue reading “Corn Futures Best Week Since early March Rising 10% with Hot, Dry Conditions in France”

Corn Futures Sank 6.5% This Week as Ukraine and Russia Agree to Ship Grains

Corn prices sank 6.5% this week to be down 5% on the year. Selling pressure came from Russia and Ukraine signing a deal that will possibly allow some 20 MMT of grain, moistly corn to move into the world market.  The agreement weighs on futures/CU-CZ spread, September corn settled at $5.66 ¾, down 9 ½ cents on the day. December Corn settled at 5.67 ½, down 6 ½ cents on the day. The June 30 Acreage report showed corn again the … Continue reading “Corn Futures Sank 6.5% This Week as Ukraine and Russia Agree to Ship Grains”

Corn Futures Sell off on US Rain Forecasts and French Heat Wave Speeding Up Flowering

Corn prices dropped 3.2% this week to be up just up 2% on the year. Selling pressure came from rain forecasts across the eastern Corn Belt through early next week. Internationally Canada again cancelled corn and there is talk China will approve and buy Brazil corn this summer. General market sentiment is that wheat crop conditions are better than anticipated, despite the extreme weather and heat conditions during key planting and development stages particularly in France. The early harvest could … Continue reading “Corn Futures Sell off on US Rain Forecasts and French Heat Wave Speeding Up Flowering”

Corn Futures Recovered 2.7% Last Week as Drought and Dry Weather Worries Hover

Grain futures finally caught a bid this week. Corn prices on Friday saw December 2022 futures back over the $6/bushel benchmark and recouping all of week’s losses as markets continued to take ease off on recession and inflation fears. Corn recovered 2.7% for the week. Drought and dry weather worries hover over corn and soybean markets with the scorching temperatures and humidity in the Southeast that saw a furious natural gas futures rally this week. Midwest’s drought ratings have accelerated … Continue reading “Corn Futures Recovered 2.7% Last Week as Drought and Dry Weather Worries Hover”

Corn Futures Selling Picked up Speed Around USDA Planted Acres and Quarterly Stocks Report

Deja vu for corn and other grain futures this week as heavy selling continued. Corn prices on Friday were mixed after traders adjusted their positions ahead of the July 4 holiday weekend. July futures firmed 7 cents to reach $7.5075, while September futures dropped 9.25 cents to $6.1950 adjusting after USDA’s Thursday morning release of the June 30 Acreage report. The report showed corn again the largest crop produced in America in 2022. USDA raised 2022 acreage expectations for corn by … Continue reading “Corn Futures Selling Picked up Speed Around USDA Planted Acres and Quarterly Stocks Report”

Corn Futures Fell 7.8% For the Week Ahead of USDA Planted Acres and Quarterly Stocks Report

The selling in corn and other grain futures continued this week. Corn futures fell 7.8% for the week though it reversed some of those losses Friday with some short covering. Much of the pullback has been taking pressure off from the speculative surge on record corn export volumes and higher unit values. Focus is on next Thursday’s planted acres and quarterly stocks updates from USDA is one of the agency’s most highly anticipated reports of the entire year. The report … Continue reading “Corn Futures Fell 7.8% For the Week Ahead of USDA Planted Acres and Quarterly Stocks Report”

Corn Prices Try to Reverse Losing Streak Bouncing on Smaller Ukrainian and Chinese Crops

Corn futures prices reversed pre WASDE report losses Friday inched $0.01-$0.02/bushel higher on smaller Ukrainian and Chinese corn crops immediately following its release. THE USDA said lower 2021/22 U.S. corn exports will help grow 2022/23 stocks.  The USDA was increasingly more optimistic about planting progress in Ukraine. Corn prices finished the week down another .9% falling for the fifth consecutive time, the longest losing streak since the summer of 2020. The selling appears to have much to do with taking pressure … Continue reading “Corn Prices Try to Reverse Losing Streak Bouncing on Smaller Ukrainian and Chinese Crops”

Corn Prices Losing Streak Accelerates on Putin Promises of Releasing Ukrainian Corn Supplies

Corn futures prices were $0.03-$0.04/bushel lower on reports pushed by African leaders’ optimism that Russia will release Ukrainian corn supplies, though the reality is a little less truthful. Weather also impacted prices with weekend rains likely to encourage crop development. Corn prices finished the week down 6.5%, falling for the fourth consecutive time, the longest losing streak since the summer of 2020. The selling has much to do with taking pressure off from the speculative surge on record corn export … Continue reading “Corn Prices Losing Streak Accelerates on Putin Promises of Releasing Ukrainian Corn Supplies”

FAO World Food Price Index Fell in May Led by Lower Vegetable Oil and Dairy Prices

Food prices have been almost vertical for the past year, though we have seen a respite in the past few months. World food prices as measured by the FAO Food Price Index dropped 0.6% on the month to 157.4 in May 2022. It was the second month of declines, though still sitting just under the record high 159.7 from March. Price falls were seen in the vegetable oil index (-3.5%), dairy price index (-3.5%) and the sugar price index (-1.1%). Price … Continue reading “FAO World Food Price Index Fell in May Led by Lower Vegetable Oil and Dairy Prices”