May-20 corn futures ended last week down a few cents, around $3.11 per bushel. The contract tested the $3 mark on Tuesday for the second time in the last two weeks but was unable to break through psychological support.
Plantings are progressing quickly, and with favorable weather continuing in much of the Corn Belt, some expect plantings to approach 50 percent complete in today’s report. The only area seeing some delays is in the far eastern Belt, where it has been cooler and wet.
President Trump is seemingly very displeased with China’s handling of the virus and is now threatening new tariffs on Chinese goods. With the potential for large U.S. harvests, China will be needed as a major buyer. Without significant purchases from their side, U.S. pricing could be in additional trouble come this fall.
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