Corn and wheat finish the week strong
For the week: May Corn + 22.75 cents, May beans +8 cents, May wheat +7 cents
Dec corn +4.5 cents and Nov beans –8 cents.
As farmers hit the fields in earnest across much of the corn belt, the old crop contracts were working hard and stretched out the inverses this week to incentivize farmers to sell while they are concentrating on planting. New crop corn is trying to work higher but will likely need to get above $5.70 to get more than a few farmers excited to sell. November soybeans lost 8 cents this week, but it felt like they were off 20 cents or more. We think they are fighting a battle with Brazil’s big crop and the real possibility that they will grab more acres up north as the Dakota’s and parts of Minnesota struggle to dry out. Not to mention a lot of early soybeans being planted in the “I” states. We will see what next week brings with planting progress and weather and we should likely look to get a floor in place on any decent rallies. NFC Grain Afternoon Comments. (7)