The latest rally may have been put on pause today, but grain prices have seen a significant shift higher in the past week. Corn prices climbed around $1 per bushel higher in recent sessions, with soybeans up more than 60 cents in a few short days. Wheat prices also remain very near multiyear highs.
A lot of that has to do with uncooperative U.S. weather, which has slowed the pace of corn planting relative to the five-year average. Dry weather in Brazil has also been supportive of higher prices, as has robust demand for U.S. grain both domestically and abroad.
What else is influencing grain prices right now? And what will it take to push prices even higher?
We address those questions and more in the latest Midweek Markets podcast.
Listen to Midweek Markets podcast for April 28, 2021: