Corn prices were back in positive territory after suffering a setback the previous week when the USDA surprised the trade with a larger than expected acreage estimate for the U.S. crop.
The support over the past week came from the weekly crop progress report on July 1 that rated the corn crop as 56% good to excellent. The rating was lower than the trade’s expectations, fueling speculation that the delayed planting will have a negative impact on yields. Last year at this time, the crop was rated as 76% good to excellent.
For old crop corn, the Chicago future (Sept.19) closed at $4.39 on Friday, up 14 cents from June 28. The new crop future (Dec.19) closed at $4.42, up 10 cents.
The Chatham-Kent (CK) high cash price was $5.84, up 14 cents from the previous week. The new crop high price was up 10 cents at $5.67.
At the same time last year, the CK high old cash price was $4.52, and the new crop was $4.50.
For soybeans, the market continued to be pressured by uncertainty around the U.S.-China tariff dispute. Meanwhile, China’s struggles with African Swine Fever continue to have an impact on the market as soybean meal is a key feedstock for hogs.
The old crop soybean future (Aug. 2019) was down 29 cents from the previous week, at $8.76. The new crop (Nov. 19) future also lost 29 cents at $8.95.
The CK old cash price on Friday was $10.86, down 29 cents from the previous week. The new crop price was also down 29 cents at $10.95.
Last year, the CK high old crop price was $10.94, and the new was $11.16.
Wheat futures lost ground as improving weather for the winter wheat harvest weighed on the prices.
For old crop wheat, the Sept. future in Chicago was down 12 cents from the previous week, closing at $5.15. The new crop (July 20) future was down 6 cents at $5.41.
The Grain Farmers of Ontario (GFO) Soft Red Winter Wheat cash price was down 16 cents at $6.86. The new crop price was 7 cents lower at $6.74.
Last year, the GFO Soft Red Winter Wheat cash price was $6.44; the new crop price was $6.73.