By Jamie Martin
US corn and soybean futures prices on the Chicago Board of Trade (CBOT) declined on Friday, impacting cash basis prices in the Midwest. This decrease is likely due to a strong US dollar, which makes US exports of corn and soybeans less competitive in the global market.
Farmers are likely waiting for a more favorable price before selling their crops. The upcoming USDA crop report may influence their decisions, providing insights into crop health and potential yield.
The National Oilseed Processors Association (NOPA) revised its estimate for US soybean crush in April upwards, indicating increased domestic demand for soybeans. This could help offset the challenges posed by a strong dollar in the export market.
The decline in CBOT futures prices may also be influenced by other factors, such as investor sentiment and global supply and demand dynamics. Farmers are closely monitoring these factors as they decide when to sell their crops.
Photo Credit: gettyimages-studio2013
Categories: National