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Minneapolis and Chicago wheat fell 39 to 42 cents in the last week of April, Kansas City wheat dropped 49 cents, corn lost 20 to 30 cents, and soybeans lost 22 to 30 cents. For April as a whole, wheat fell 70 to 93 cents across the three markets, corn dropped 39 to 51 cents, and soybeans fell 56 cents.
The market showed little concern over delayed planting in the northern Plains and western Corn Belt, and traders appeared comfortable with the Prospective Planting acreage estimates, which showed wheat up 4.1 million acres, corn up 3.4 million, and soybeans flat.
Losses came despite the usual spring uncertainty premium, so the market has little weather-driven support heading into planting. Acreage expansion for corn and wheat keeps supply expectations heavy unless planting delays become more serious.
agweek.comRandy MartinsonMay 5, 2023Not 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.
Late-April wheat selloff (KC down 49 cents) left prices deeply oversold, which explains the scale of the subsequent volatility and rebound.
Shows heavy April selling in KC wheat (down 49 cents in the last week), indicating strong downward momentum and fund liquidation heading into the move.
