Spring Crop Insurance Prices
Trading resumed Monday after a negative week for the markets last week. Before we get into where those markets opened, it’s important to note that the end of February means spring crop insurance prices are set. Here’s Standard Grain’s Joe Vaclavik with details.
Vaclavik … “Spring crop insurance prices for corn, soybeans, and wheat are set. They are the lowest since 2016. The corn insurance price, $3.88 cents versus $4 last year. The soybean price, $9.17 cents versus $9.54 last year. The spring wheat insurance price, $5.56 versus $5.77 last year. So we started off February at a weak note, and then we fell even further on this virus issue and this correction across financial markets. So those are some pretty ugly insurances. Prices that, that we got during February. Liquidation continues in the wheat market. The funds are still long SRW wheat, they're still on Kansas city wheat. So if you continue to see this downward pressure on a lot of these outside markets, I think that could continue to cause liquidation in the wheat market.”
Chicago May Wheat futures yesterday opened down $0.05 to $520 ¼.
Kansas City Hard Red Winter Wheat down $0.04 to $4.49 ¼.
May Corn closed up $0.04 to $3.70.
Live Cattle futures were up/down. $0.75 on the April board to $108.32 ½. Feeder Cattle opened up a dollar to $133.77 ½.
Class III milk yesterday up $0.19 to $16.50.