Corn, wheat and soybean futures all posted strong performances in April but it was corn that ultimately led the pack.
With a 25-cent/bu gain on Friday to $6.73 ¼, the July future gained about $1.11 or 19.7% during its April tear, topping the 18.5% monthly rise in the July Chicago wheat future and the 7.5% increase seen in the July soybean future. (See July corn future chart below).
Corn began April basking in the glow of the bullish March 31 USDA prospective plantings report, which pegged new-crop corn intentions at 91.1 million acres, up just 325,000 or less than 1% from 2020 and well below the average pre-report trade guess of 93.2 million. Additionally, the market has enjoyed further support from overly dry conditions for second-crop corn in Brazil and last week’s cold spell in the Midwest that slowed planting and early crop development. Strong ongoing export demand from China has been an underlying supportive influence as well.
Earlier this week, corn surged to near an eight-year high of $6.84.
July corn: Source - Barchart
Source: DePutter Publishing Ltd.
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