Wet weather and continued planting delays emerged as the central issue in the markets as the trade tensions between the U.S. and China took a backseat. Concerns over planting delays for corn and spring wheat triggered a short-covering rally that resulted in sharply higher prices compared to the previous week.
For Old Crop Corn, the Chicago future closed at $3.83 on May 17, up 31 cents from May 10. The new crop future (Dec.19) closed at $3.98, up 26 cents.
The Chatham-Kent (CK) high cash price was $4.93, up 37 cents. The New Crop price was $4.88, up 26 cents. Corn futures closed higher each during the week, gaining approximately 12 cents on Tuesday and 8 to 9 cents on Thursday.
At the same time last year, the CK high old cash price was $4.80, and the new crop was $4.93.
The Old Crop soybean future in Chicago closed at $8.22, up 13 cents from the previous week. For New Crop, the Nov. 19 future closed at $8.47, up 14 cents.
The CK high old crop price was $10.27, up 28 cents. The new crop price was up 20 cents at $10.48.
Last year, the CK high old crop price was $12.35, and the new was $12.49.
For wheat, the July future in Chicago was up 40 cents from the previous week, closing at $4.65.
The Grain Farmers of Ontario (GFO) Soft Red Winter Wheat cash price was up 55 cents at $6.11. The New Crop (Harvest 2019) price was also up 55 cents at $6.18.
Last year, the GFO Soft Red Winter Wheat cash price was $6.01; the new crop price was $6.11.