Friday afternoon, May corn closed up 3 cents ay $3.73 ¼, up 9 cents for the week. December corn closed up 2 cents at $3.96, up 7 ½ cents for the week. May soybeans closed up 10 ¾ at $9.09 ¼, up 13 ½ for the week. November soybeans closed up 9 ¾ today, at $9.42 ½, up 12 cents for the week.
The BIG story this week is flooding in and around much of the state of Iowa. This is definitely impacting transportation, with many rail lines unable to operate as well as quite a few roads impassable due to high water. We’ve also heard that barge freight has spiked due to the high water levels on the river. Beyond that, here is certainly more of the same talk that we’ve had the last several weeks: rumors and talk of Chinese purchases of corn and/or soybeans. Thursday saw a little spark in the corn market being attributed to these persistent rumors that China would be buying corn. That followed through on Friday, but it still feels as if we’re a few cents away from seeing producers sell Old Crop in a big way.
We are still looking for some news out of the U.S. and China to fuel either the corn or soybean market. As the March 29th planting intentions report approaches, talk seems to be increases that corn and soybean acres are going to stay similar to last year’s levels. At the same time, ethanol margins seem to have recovered from their struggles earlier in the year. On the soybean side, we are still seeing NOPA crush numbers continue at a record pace, even though the February number was disappointing for some.
Our thoughts are with the farmers and ranchers battling Mother Nature in many areas of the Midwest. We also want to wish our sports fans safe travels this weekend if you are heading off to watch the games.