Chicago Close: Corn Gives Back Some of Thursday’s Gains 

After posting double-digit gains on the heels of a bullish USDA acreage report Thursday, corn futures gave back a portion of those advances on Monday, after the Easter holiday weekend. Wheat and soybeans ended with losses as well. 

Heavy global supplies and a higher American dollar weighed on corn, as did forecasts calling for warmer- and wetter-than-normal conditions for the American Midwest – just what the doctor ordered ahead of the planting season. This afternoon’s USDA’s crop progress report showed national corn planting at 2% complete, on par with the five-year average. May corn fell 6 ½ cents to $4.35 ½, and December was down 3 cents at $4.74 ¾. 

Soybeans were undermined by basically the same factors that dragged corn lower. May dropped 5 ¾ cents to $11.85 ¾, and November was down 3 ¾ cents at $11.82 ½. 

The higher dollar was a bearish factor for wheat. May Chicago closed down 3 ¼ cents at $5.57, May Kansas City dropped 9 ¾ cents to $5.75 ½, and May Minneapolis stumbled 10 ¼ cents to $6.34 ¾. 

Source: DePutter Publishing Ltd.

Information contained herein is believed to be accurate but is not guaranteed by the parties providing it. Syngenta, DePutter Publishing Ltd. and their information sources assume no responsibility or liability for any action taken as a result of any information or advice contained in these reports, and any action taken is solely at the liability and responsibility of the user.