The most active corn contract for May delivery fell 13.75 cents, or 1.84 percent, to settle at 7.35 U.S. dollars per bushel. May wheat shed 21.5 cents, or 2.14 percent, to settle at 9.845 dollars per bushel. May soybean plunged 35.5 cents, or 2.19 percent, to settle at 15.8275 dollars per bushel.
Soybeans have pushed to the downside on long liquidation. Bullish price trends prevail, but few are willing to chase December corn above 7.00 dollars per bushel. Chicago-based research company AgResource sees limited downside risk in soybeans/soyoil/wheat following this decline, and suggests buying breaks.
The nearby pressure on corn is related to the cheapness of Argentine corn relative to the U.S. Gulf, nearly one dollar cheaper. This is shifting world feedgrain trade to Argentina as the latter sell corn cheaply. AgResource cut U.S. 2021-2022 corn export estimate by 50 million bushels and a like adjustment could occur in April if the U.S. corn export sales pace does not improve. There was a sale of 130,000 metric tons of corn to an unknown buyer Friday.
There will be limited rainfall for the Canadian Prairies and the U.S. Plains over the next two weeks. The forecast warms dramatically in the 11-15 day period which could allow corn seeding to begin.
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