As a University of Wyoming graduate all I have to say is GO POKES!!!
A busy day today at Farmer’s Coop with Kansas City with wheat trading at 568, up to 18 cents over the May futures and Chicago corn trading at 384 up to 11 cents over the May futures. Several people sold wheat this morning when it was only up 12 cents, then the market rallied another 6 cents and more people started calling.
Grain prices improved on Wednesday as the dollar tanked from news that the Federal Reserve was not going to raise interest rates until June. Wednesday saw an increase in the dollar as it clawed its way out of the hole it fell in on Wednesday which resulted in weaker grain prices. The dollar fell again on Friday which spurred an increase in commodity prices. There are concerns that the United States is still over-priced in grains. We have seen buyers pass on high priced US grains in favor for the cheaper grain from the EU and Black Sea markets.
The big news in Friday is that the dollar is falling, there is news of winter kill across the country, and weather is looking unfavorably dry in the western plains. Wheat prices saw a climb on Friday to levels that we haven’t seen since mid-February. There are whispers that this spring looks similar to the spring of 2012 and we all know how that turned out but it is far too early to make any definitive predictions about this summer.
National Weather Service long-range maps show normal temperatures for a majority of the corn belt and a dry Minnesota-Wisconsin area in the April-May time period. The drought monitor shows a current subsoil moisture deficit in the Minnesota, Wisconsin, and Dakotas area. There is uncertainty about what the acreage mix will be in the Dakotas due to the moisture limitations and planting delays.