Current Market Conditions.
With April behind us hopefully we can move on to some warmer weather and good planting conditions in May. I hope everyone has a safe and successful planting season. Here’s a few updates on how the markets have been recently.
- The market has continued its upward trend, with Dec 2022 corn adding roughly another 60 cents since the end of March, and November soybeans pushing up close to its highs as well.
- We crossed and have spent a handful of days above $7 new crop corn across all of our locations and have crossed $14.50 on new crop soybeans as well. Obviously we could see further strength but so far we’ve seen people taking advantage of some great selling opportunities early in the year.
- Similar to Dec 2022, we’ve seen the Dec 2023 corn contract on a tear, closing up 26 of the last 28 trading sessions as I write this.
Please check our website for bids and contact me during trading hours if you are interested in contracting for next year.
The next USDA reports we will be looking at are the May 12 WASDE and the weekly crop progress reports each Monday afternoon.
- So far we are showing the US slightly behind pace on corn and soybean planting, with the next few weeks’ progress being analyzed closely by the trade experts.
- The next acreage report is the end of June, but keep in mind that even if the cool wet spring persists nationwide, prevent plant acres aren’t addressed on that report.
- On the April WASDE, corn ending stocks were unchanged with an increase in exports offset by a decrease in feed. Soybean exports were raised by 25 million bushels bringing our ending stocks down to 260 million bushels.
As always, please feel free to reach out to your Premier team with any grain needs and happy spring!
Grain Lead & Merchandising