The forecasts show “only brief open windows for planting in the Midwest” through the end of the month, said Rich Feltes, head of market outlook for broker RJ O’Brien.
Planting is already off to a slow start, with 2% of the crop planted through April 10, less than the five-year average of 3%. The US Department of Agriculture will release a weekly report on farmers’ progress on Monday.
“It looks like some corn will be planted before the end of April, but the war in Ukraine continues,” said Dennis Smith, commodity broker at Archer Financial Services.
US grain production is especially important this year because the war in Ukraine has called its plantations into question and crippled agricultural exports from the Black Sea region, one of the world’s top suppliers of corn and wheat.
Some 1.25 million tons of grain and oilseeds remain in commercial vessels blocked at Ukrainian seaports due to Russia’s invasion, and some of the cargo may deteriorate in the near future, Ukraine’s Agriculture Minister said on Friday. Ukraine.
The most active corn futures topped $320 on the day to hit a high since September 2012. The contract was up 2.7% at $319.77 a ton midday.
For its part, CBOT soybeans advanced 2.1% to $631.06 a tonne, while wheat rose 2.8% to $414.28, approaching a four-week high.
Wheat futures rallied after the most active contract suffered its biggest drop in nearly two weeks on Thursday. Chicago markets were closed on Friday.
Source: Ambito
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