Corn Market Stabilizes

Friday Apr 24th, 2020 226 Views

Tim Hammerich

News Reporter

Here with your Market Line Commodity Report, I’m Tim Hammerich.

Things are looking up for the corn market. Energy markets seem to be stabilizing and corn prices up $0.18 from the lows hit earlier this week. Here’s Scott Shellady with more.

Shellady… “Let's just talk about corn for a second. I mean, we've got overnight rumors that China is going to be a buyer of 20 million metric tons. That's the first kind of decent news I guess we could say that we've had in the core market. I mean, maybe are we setting a low here? You take a look at those charts. I mean, gosh, it's not been a fun ride. And again, I've talked to a lot of farmers out there, both soybean producers and corn producers, and it is just penciling out to be a tough year. So to see things kind of get a little bit of a bump here has been nice. So we had them on a $0.92 1/2 sell off in July (futures) . $4.04 1/2 all the way down to say $3.09. Is this going to be where we start to turn the corner?”

Chicago May Wheat futures yesterday closed up $0.04 to $5.47.

Kansas City Hard Red Winter Wheat down $0.04 ½ to $4.85 ½.

May Corn closed up a penny and a half to $3.19 ¼.

Portland prices for Dark Northern Spring wheat up a penny and three quarters ranging from $6.35 ½ to $6.65 ½ for 14% protein.

Live Cattle futures were down $1 on the June board to $82 .92 ½. Feeder Cattle for May up $0.60 to $117.27 ½.

Class III milk for May up $0.16 to $10.68.