The June 28 acreage report from the United States Department of Agriculture shocked the markets on Friday as corn futures in Chicago were in the limit-down territory before closing approximately 20 cents lower than Thursday’s settlement.Soybeans were 10 cents higher as the USDA surprised traders with a higher than expected acreage number for corn and a lower soybean estimate. See separate story for the details.
Although the trade has rolled to the Sept. 2019 future for old crop corn, we’re using the July future for the weekly comparison. On Friday the contract closed at $4.20, down 22 cents from June 21. The new crop future (Dec.19) closed at $4.32, which was also down by 22 cents.
The Chatham-Kent (CK) high cash price was $5.70, down 12 cents from the previous week. The new crop high price was down 22 cents at $5.57.
For the month, the CK cash price was up 18 cents; the new was 13 cents higher.
At the same time last year, the CK high old cash price was $4.49, and the new crop was $4.56.
The old crop soybean future (July) was down 3 cents from the previous week, at $9.00. The new crop (Nov. 19) future lost 5 cents, closing at $9.23.
The CK old cash price on Friday was $11.15 down 18 cents from the previous week. The new crop price was down 15 cents at $11.23.
For the month, the CK old crop high price was up 7 cents; the new was down 7.
Last year, the CK high old crop price was $11.22, and the new was $11.44.
For wheat, the July future in Chicago was up 2 cents from the previous week, closing at $5.28.
The Grain Farmers of Ontario (GFO) Soft Red Winter Wheat price for the 2019 crop was down 5 cents at $7.02.
For the month, the price gained 22 cents.
Last year, the GFO Soft Red Winter Wheat price was $6.08.