This information is provided by Archer Financial Services, Inc. 800-933-3996.
Despite the extreme volatility grains prices ended the week with modest gains. After closing down the daily limit of $.30 per bu. on Thursday, corn prices staged a powerful rally on Friday with some contracts closing more than $.30 higher in an expanded limit trading session.
For the week July-11 corn closed up $.12 per bu. , July-11 soybeans were up $.04, while July-11 wheat closed down just over $.30.
Corn plantings advanced only 2% to 9% complete as last Sunday April 24th. This was well behind the historical average of 23%.
Driving prices this week are weather worries as widespread rains continue to delay planting efforts, while overall demand appears to be slowing with the historically high prices. With some beneficial rains in the Southern Plains wheat prices slumped as crop prospects have improved.