Chicago Close: Corn, Soys Near Unchanged

Corn and soybean futures ended little changed on Friday, while wheat closed mixed.

Corn futures managed fractional gains on the day, amid continued worries about possible spring planting delays. Many areas of the Midwest were already overly wet before a major spring storm swept through some areas of the Corn Belt and central Plains earlier this week. Some portions of South Dakota and Minnesota received up to 2 feet of new snow from the storm. However, gains in the market were limited by heavy U.S. old-crop supplies, with this week’s USDA supply-demand estimates raising expected 2018-19 ending stocks to over 2 billion bu. May corn gained a penny to $3.61 and December was up a ½ cent to $3.89.

Large U.S. old-crop ending stocks of near 900 million bu – about double the previous year – also helped to keep soybeans under pressure today. The Buenos Aires Grain Exchange estimated that the 2018-19 Argentine soybean crop is about 17% harvested, lagging last year’s progress by about 7 points but 2 points ahead of the average. May beans were steady at $8.95 ¼. November slipped a ½ cent to $9.27 ¾.

Wheat was mainly firm although there was some pressure as U.S. supplies were left out of an Egyptian tender. May Chicago wheat ticked 4 cents higher to $4.64 ½, May Kansas City added 3 ¾ cents to $4.34 ¼ and May Minneapolis was down 2 cents at $5.31 ¼.

Source: DePutter Publishing Ltd.

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