With February in the books, we look back on movements in grain prices and the key trends and factors. Soybean and wheat prices ruled the month, but ongoing weather woes across the U.S. and South America are starting to heat up prices in other sectors.
Let’s dig into our monthly recap of grain prices.
Corn Prices Pop in February
The February WASDE report didn’t provide any surprises, but ongoing The impact of the drought in Argentina and the southern regions of the United States has pushed May corn prices above $3.80 per bushel.
Soybean Prices Hit Seven-Month High in February
February 2018 will go down in history as the month that Argentina’s soybean crop hit a new crisis level. Ongoing drought across the region coupled with delays in Brazil’s harvest has unleashed speculators across the soybean complex.
Canola Prices Follow Soybeans Higher
May canola prices pushed back to levels not seen since early December as the market followed global soybean prices higher. Last month, the contract moved 4.2% higher.
Spring Wheat Takes a Backseat to Winter Wheat
The double-digit jump in spring wheat prices on March 1 had many farmers wondering the same thing… where was that sort of bump in February?
Last month, the May spring wheat contract in Minneapolis closed up less than 1%. However, it took a last-day run on Wednesday to help push prices into positive territory.
Durum Wheat Prices In Focus on Drought News
Durum wheat prices couldn’t replicate the success of winter wheat across North America.
But a number of different stories are having a significant impact on prices.
Winter Wheat Leads Grain Prices Higher
A combination of bullish factors has pushed Chicago and Kansas City red winter wheat prices higher. U.S. acreage is sitting at lows not seen in more than 100 years.
Barley Prices Get February Boost
The recent pop in barley prices has bolstered expectations that acreage levels will increase in the year ahead.
Oats Prices Get February Boost
February oats prices were marked with little shift in price direction there were certainly a few headlines that could impact values in March.
Pulses Prices (Peas, Lentils, and Chickpeas) in Flux
The prices for pulses traded sideways to lower in February as the market continued to monitor the impact of tariffs on the global trade, namely what India is doing
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