Corn and soybean prices keeping climbing higher

State News

Grain Prices

IOWA — Iowa corn and soybean prices continue to go up. According to the USDA Monthly Prices report, Iowa farmers have seen grain prices significantly above last year. Soybeans in March averaged $13.30 per bushel. That’s up 60-cents from February and nearly $5 above the March price of last year.

Corn prices in the state were $4.89 per bushel – two cents above last month and $1.25 above last year. Hay prices have not shifted too much since last year and milk prices are below a year ago.

Insecticide Ruling

A federal court is forcing the EPA to make a decision on an insecticide. It has been nearly 14 years since the Environmental Protection Agency has received a petition by environmental groups to ban Chlorpyrifos. The Ninth Circuit Court of Appeals says the agency has 60 days to either write a new rule to allow for the safe use of the insecticide or halt all food residue tolerances. That would essentially be a ban on the product. The court says it has been tolerant but wants an answer.

End Trade Tariffs

A coalition of US and European organizations want an end to trade tariffs. The groups sent a letter to leaders on both sides asking for permanent removal of retaliatory tariffs on sectors to ongoing Trans-Atlantic trade disputes. The letter thanks both sides for suspending tariffs for four months. Members are hit hard by COVID 19 and continued suppression or removal of tariffs will help.

Market Analysis

Analyst Jamey Kohake has the start of the week markets:

“Kind of a choppy trade, we started the overnight session on fire, gap opening kind of got off to the races, then in the morning we settled down in the day session spreads are still the theme in corn, key short term is weather. Still dryness down in the second crop area of Brazil. Over to beans, seen some major liquidation here at times, the bull spreads there have been a theme with the tight carryout and still decent demand, those spreads are being liquidated but same story here, jsut waiting on to see next week’s carryout number, and also too here next month with the acres number have we bought very much acres or not. Over to cattle, feeders weaker, we were down 2 bucks on the opening jsut off 50-60 cents now with nearby corn trading higher. Live cattle too traded both sides 70-80 cents now, I look for the live cattle to really be solid again this week. Over to hogs nice trade here, two bucks higher and change looking for strong cutouts strong cash trade as well, still looking for the new crop exports to be solid, down to Mexico and over to China, keep the market supported, but still bullish hogs long term and short term with the cattle.”

Auction Results

The Colfax sheep and goat auction on Saturday saw a sale of 606 head of sheep. Feeder lambs fetched the day’s high average price of $2.77 per pound, while fed lambs averaged $2.18 per pound.
There were 100 head of goats at the auction that saw a high average price ranging from $180 to $440 per head.

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