Corn, Soybean and Wheat Market Update


— From Dr. Brian Williams —

It has been a slow news week for small grains markets. Nearby May wheat futures closed up 6 cents Friday to close the week at $7.09/bu. Export news for the week has been positive, but wheat has finished lower on the week compared. May corn finished up 7 cents at $6.52, but is down 6 cents on the week. Planting progress has been slow in the Corn Belt with cold, wet weather across much of the region. Current corn plantings are at 2% compared to a five year average of 7%. Soybeans closed down on the day with May soybeans finishing down 2 cents at $14.28. Mississippi corn planting was 54% complete as of Sunday, significantly behind the 5-year average of 82%. With recent rains in Mississippi as well as continued wet conditions throughout this week in the Midwest, it does not look like planting progress will gain much ground in the short term.

Small Grains Prices

April 12, 2013

April 19, 2013

Change

Nearby Corn Futures

$6.58

$6.52

-$0.06

Mississippi Corn*

$6.67

$6.53

-$0.14

Nearby Soybeans Futures

$14.13

$14.28

$0.15

Mississippi Soybeans*

$14.26

$14.44

$0.18

Nearby Chicago Wheat Futures

$7.14

$7.09

-$0.05

Mississippi Wheat*

$6.98

$6.86

-$0.12

*Mississippi prices are average April 18, 2013 prices from Greeneville, Belzoni, Greenwood, and Indianola.

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