Markets - General
USDA confirmed on Monday China purchased just over 1 million metric tons of new crop corn, but the country also canceled 280,000 metric tons of old crop corn. The buying spree signals tight supplies could continue.
The last seven days were busy with corn planting across the U.S.
The commodity markets proved the bull market is far from over, as May corn futures ended the week above the $7.70 mark. Soybean prices had a similar story, with old crop finishing Friday above $16.
Chinese buyers bought 1.36 million tonnes of U.S. corn, matching their seventh biggest ever purchase of U.S. supplies of the grain, the U.S. Agriculture Department said on Friday.
Chicago Board of Trade corn futures extended a rally on Thursday above eight-year highs as dry weather threatened harvest yields in major exporter Brazil and kept the focus on ebbing global supplies.
A tradition for more than 100 years will now be a thing of the past. The CME Group announced this week it’s not reopening the open outcry pits on the trading floor, which means the tradition will be gone for good.
Do bull markets motivate or paralyze you? Do you stay active in updating your projections or sit on the sidelines watching prices tick up?
Futures exchange operator CME Group Inc said on Tuesday it will not reopen the physical trading pits which it closed last March due to the COVID-19 pandemic.
As old crop corn closed well above $7, and old crop soybeans well above $15, the market volatility was on center stage this week. But history shows the price highs for new crop corn and soybeans may not be in yet.