The most active corn contract for July delivery fell 0.5 cents, or 0.09 percent, to settle at 5.845 U.S. dollars per bushel. July wheat plunged 15.5 cents, or 2.45 percent, to settle at 6.1825 dollars per bushel. July soybean rose 8.25 cents, or 0.58 percent, to settle at 14.275 dollars per bushel.
Wheat was sharply lower on additional rainfall forecast in U.S. Plains. One may expect sizable volatility throughout the next three to four months. Türkiye's presidential election falls on May 14, and the renewal, elimination, or adjustment of the Black Sea export corridor on May 18 follows. All are critical for long-term direction.
Timely U.S. corn and soybean planting keeps buying and short covering limited nearby. Chicago-based research company AgResource holds that it is the wrong time of year to be overly bearish and coming rampant volatility provides much better selling opportunities.
U.S. export inspections in the week ending April 27 were 60 million bushels of corn, as against 37 million bushels in the previous week and a new marketing year high; 15 million bushels of soybeans, as against 14 million bushels; and 13 million bushels of wheat, unchanged from the previous week.
For respective crop years to date, the United States has inspected for export 941 million bushels of corn, down 35 percent year on year; 1,743 million bushels of soybeans, unchanged from last year; and 670 million bushels of wheat, down 3 percent.
It is drier in the southern Plains, wetter in Nebraska, Iowa and Wisconsin, and maintains additional needed precipitation in eastern Oklahoma and Kansas. Most importantly is that there is lasting period of warmth beginning this week, and this pattern of warmth is forecast to persist into mid-month.
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