Two from Reuters via Successful Farming:
U.S. wheat, corn and soybean futures rallied on Wednesday, supported by concerns that a cold snap in the U.S. Midwest and Plains could hamper crop development, traders said.
Chicago Board of Trade corn gained 2.8% to hit its highest since June 2013.
Wheat futures posted the biggest increases, with CBOT soft red winter wheat futures jumping 3.2%, while K.C. hard red winter wheat rising 3.4%.
"Cold surge next week poses spotty wheat damage risk in southern one-third of the U.S. Plains; possible burn back to emerged Midwest corn," Commodity Weather Group said in a note to clients.
The weather also could cause some growers to delay their planting of corn and soybeans as crops seeded in the cold temperature could struggle to emerge from soils.
"U.S. temperatures aren't quite fitting into the 'severe' category but the current cold snap is plenty of keep enthusiasm for early corn and soybean seeding low, with conditions looking dry but cold for the next seven to 10 days or more as well," Matt Zeller, director of market information at StoneX, said in a note to clients....
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And:Corn closes near the $6.00 level | Wednesday, April 14, 2021
Soybean and wheat markets trade double-digits higher, too.
On Wednesday, the CME Group’s farm markets added to this week’s gains.
At the close, the May corn futures closed 14¢ higher at $5.94.
July corn futures settled 13¢ higher at $5.79½. New-crop December corn futures finished 7¢ higher at $5.11.
May soybean futures finished 20½¢ higher at $14.10. July soybean futures closed 17½¢ higher at $14.02½. New-crop November soybean futures ended 12¾¢ higher at $12.64¼.July wheat futures closed 16¾¢ higher at $6.50¾.
July soymeal futures ended $3.00 short term higher at $403.00.
July soy oil futures closed 1.07 higher at 52.22¢ per pound.
In the outside markets, the NYMEX crude oil market is +2.95 higher (+4.90%) at $63.13. The U.S. dollar is lower, and the Dow Jones Industrials are 118 points higher (+0.35%) at 33,795 points.
Al Kluis, Kluis Advisors, says that investors will be watching crop-weather in both North and South America for price direction.
“On Tuesday, we had weather concerns – first in Brazil, where private trade estimates of corn yields on the double-crop corn continue to fall, and then in the U.S. where cool conditions may delay planting and emergence. These two factors combined to rally prices. Some of Monday’s losses were regained Tuesday and in the early trade today,” Kluis stated in a note to customers....
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