Another wild week in the markets sees wheat, corn and soybeans falter
Randy Koenen of the Red River Farm Network talks to Randy Martinson of Martinson Ag Risk Management about the impact weather, planting progress and global issues have had in bringing down the wheat, corn and soybeans markets on this week's Agweek Market Wrap, sponsored by Gateway Building Systems.
It was a "wild week" for the grain markets, Randy Koenen of Red River Farm Network said on this week's Agweek Market Wrap, sponsored by Gateway Building Systems.
Koenen and Randy Martinson of Martinson Ag Risk Management talked about the impact weather, planting progress and global issues have had in bringing down the wheat, corn and soybeans markets.
Wheat lost ground despite continued planting problems in North Dakota's spring wheat area because, as Martinson said, "rain makes grain." Harvest activity is happening in the southern Plains, and Martinson said it'll take some time for the markets to sort out what's relevant and what's not.
Koenen expressed some surprise that spring wheat prices wouldn't have held up given the planting problems in the north, but Martinson said some of it was fund liquidation and profit taking.
"I don't think spring wheat is done," he said. "I don't think we could go back up to the old highs, but I do expect that we'll see this market firm back up again."
A drop in corn price was less surprising. While northern states still are struggling with corn planting progress, planting and corn condition in the Corn Belt — where the majority of corn is grown — makes it look like a good crop is in the ground that will overshadow problems in the northern Plains.
Soybeans were "all over the board" this week, Koenen said. Martinson said a contract high on Tuesday was followed by a pullback the rest of the week.
Martinson said some of the pressure in the markets had to do with world news, like that Russia may allow some exports out of Ukraine.
The Agweek Market Wrap is sponsored by Gateway Building Systems.