Soybean and wheat prices plummeted during a short trading week as the markets were closed on April 19 for Good Friday. With a lack of news to move the markets higher, the prospect of large supplies continued to apply pressure to the prices. Weak export demand for U.S. crops weighs heavily on the wheat and soybean markets. Meanwhile, good ratings for the U.S. winter wheat crop added to the bearish tone. According to the USDA’s Crop Progress report (April 15), 60% of the crop was rated as good or excellent, up from 31% at this time last year.
The old crop soybean future in Chicago closed at $8.805 on Thursday, down 14.75 cents from April 12. For new crop, the Nov. 19 future closed at $9.135, down 14.25 cents. The Chatham-Kent (CK) high old crop price was $11.005, and the new crop price was $11.285. Last year, the CK high old crop price was $12.5675, and the new was $12.6075.
For old crop wheat, the May future in Chicago was down 20.25 cents for the week at $4.4425, while the new crop future was also down 20.25 cents at $4.4825. The Grain Farmers of Ontario (GFO) Soft Red Winter Wheat cash price was down 24 cents from the previous week at $5.81. The new crop price was also down 24 cents at $5.93. Last year, the GFO Soft Red Winter Wheat cash price was $5.68. The new crop price was $5.86.
For old crop corn, the Chicago future closed at $3.585, down 2.5 cents from the previous week. The new crop future (Dec.19) closed at $3.8625, down 2.75 cents. The CK high cash price was $4.635, down 2.5 cents. The new crop price was $4.7625, down 2.75 cents. At the same time last year, the CK high old cash price was $4.58, and the new crop was $4.835.