Welcome to Biden’s America…Where everything is a mess…

On Tuesday, US grains futures edged higher, with corn prices reaching a decade high, as unfavorable US weather and stalled Black Sea exports due to the Ukraine crisis heightened concerns about global supply shortages.

Wheat futures also fell, dealers said, as profit-taking pressured the markets.

After climbing to $8.14 a bushel earlier in the day, the July corn contract CN2 finished down 7-1/4 cents at $7.99-3/4 per bushel, the highest price for a most-active contract Cv1 since September 2012. In August 2012, the all-time high for a most-active contract was $8.49.

U.S. #agricultural exports to the world were a record $177 B in 2021, an increase of 18% over last year and up 14.6% over the previous record set in 2014.

All of the 15 top U.S. export destinations increased their value of imports last year with 8 of them setting records. pic.twitter.com/zVC0DoEsgD

— Farm Policy (@FarmPolicy) April 17, 2022

Prices have been maintained by the cold weather that has delayed the start of maize crops in the United States, according to analysts. Because Russia’s invasion of Ukraine has halted significant Ukrainian grain exports, the market is extremely sensitive to possible difficulties with the US harvest.

Tomm Pfitzenmaier analyst for Summit Commodity Brokerage in Iowa said, “Certainly any improvement in the weather in the U.S. Midwest will prompt some profit-taking.”

U.S. corn planting was 4% complete as of Sunday, below the five-year average of 6%, the U.S. Department of Agriculture said in a weekly report on Monday. Analysts surveyed by Reuters were expecting 5%.

The crop report also underscored drought risks to the U.S. wheat crop that could exacerbate a shortfall in supply from Ukraine. The USDA rated 30% of U.S. winter wheat in good-to-excellent condition, a 26-year low.

After reaching its highest price since March 9, CBOT July wheat WN2 closed down 19-3/4 cents at $11.09 a bushel. Traders stated that losses in crude oil contributed to grain market weakness.

Traders reported CBOT May soybeans SK2 finished up 1-3/4 cents at $17.16-1/2 a bushel, owing to strong export demand for U.S. supply. July soybeans SN2 fell 1-1/2 cents to $16.91-3/4 a bushel in the most active market.

Exporters sold 123,650 tonnes of U.S. soybeans to unknown purchasers for delivery during the 2021/2022 marketing year, according to the USDA’s daily notice.

CBOT July soyoil BON2 matched a contract high set on Monday.

Sources: Trendingpolitics, Aljazeera, Cnbc