Both corn and soybean prices rocketed higher Wednesday with corn up 15 cents to fresh contract highs, while soybeans are higher by 23 cents. We view gains as being aided by cooler overnight weather trends across the primary US corn and soybean belts for May 3-9 as daytime highs cooled from mid-60s to only near 60F over this period. In addition to cooler than normal temperatures for much of the corn and bean belt the next 10-days, bouts of heavy showers are also expected and where numerous inches of rain are expected, the combination of which are likely to stall planting further. Gains were also attributed to Ukraine announcing export issues and the likelihood many fields will go unharvested this summer.
Graph below highlights cooler than normal maximum temperatures averaged over the US primary corn belt. Image below the graph shows a cooler than normal system over the Midwest and why the corn belt is forecast to be cooler vs normal May 2-6.
Rainfall totals the next 7-days across the soybean and corn belt will total numerous inches, as show below.
