It was another rough ride in the markets as corn, soybean and wheat futures were all down from the previous week. Soybean prices lost the most ground as the old crop soybean future in Chicago on Friday closed at $8.5375, down 26.75 cents from the previous week.
(Note: for the purpose of week-to-week comparison, this report uses the May future. Most elevators and other buyers rolled to the July future for old crop soybeans.)
For new crop, the Nov. 19 future closed at $8.8775, down 25.75 cents. The large U.S. carryout, improving crops in South America and a lack of news surrounding the U.S.-China trade talks continued to weigh on the market.
The CK high old crop soybean price was $10.74. The new crop price was $11.0275. At the same time last year, the CK high old crop price was $2.00 higher at $12.7450, and the new was $12.8325.
For corn, the old crop future in Chicago was down 7.25 cents from the previous week at $3.5125. The new crop future closed at $3.8075, down 5.5 cents. The prices were firmer on Friday as forecasts for wet weather in the Eastern Corn Belt provided some support.
The CK high old crop price was $4.6125. The new crop was $4.7075. Last year, the CK high old crop price was $4.7525, and the new crop was $4.9125.
The old crop wheat future was down 9.25 cents from last week, closing at $4.35. The new crop future was down 5.75 cents at $4.4250. The prices dropped more than six cents on Wednesday (April 24) in the wake of the Statistics Canada estimate for more wheat acres. Stats Can pegged the acreage at 25.7 million in 2019, up 3.8% from 2018.
The Grain Farmers of Ontario (GFO) Soft Red Winter Wheat cash price was $5.71, with the new crop closing at $5.88. Last year, the GFO cash price was $5.86, and the new crop was $5.97.