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Soybean futures fell sharply as soymeal and soyoil tumbled, with July soyoil down 409 points on talk of reduced German biodiesel use. Winter wheat futures dropped as rains brightened the Plains outlook, while cotton rallied to its highest nearby close since 2011.
Corn planting was behind schedule at 14% planted versus a 33% five-year average.
Biodiesel demand concerns hit vegetable oils and spilled over into meal and corn, pressuring prices. Delayed planting and a poor winter wheat crop keep supply risks alive even as rain lowers near-term wheat prices.
profarmer.comMay 2, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Confirms the May 2 session's broad selling in soy and wheat with improved Plains rain outlook; the slow planting figure was bullish but already known, so it offers only partial explanation.
