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Soy complex softens as weekend nears

Rainy weather may have affected corn futures. The corn market seemingly had few reasons to rally Friday, especially with the stock market diving and the U.S. dollar rebounding. The yellow grain may simply have reacted to firm soy and wheat quotes, but one also has to wonder if the early strength reflected ongoing planting delays and forecasts for wet, cool weather into early May. May corn futures rose 3.5 cents to $3.7975/bushel in late Friday action, while December added 3.0 to $4.0325.

Markets

Rainy weather affecting corn futures Friday at midday

Rainy weather may be starting to affect corn futures. The corn market seemingly had few reasons to rally this morning, especially with the stock market diving and the U.S. dollar rebounding. The yellow grain may simply be reacting to firm soy and wheat quotes, but one also has to wonder if today’s early strength reflects ongoing planting delays and forecasts for wet, cool weather into early May. May corn futures gained 2.75 cents to $3.79/bushel late Friday morning, while December added 2.0 to $4.0225.

Industry

Natural gas prices decline

Mild temperatures lead to modest price declines. Prices remained relatively low at most market locations during an uneventful week with mild temperatures and relatively low demand from both the heating and cooling sectors in most regions. Henry Hub spot prices fell from $2.67/MMBtu last Wednesday to $2.58/MMBtu yesterday, and price movements across much of the country were similar. At the Chicago Citygate, prices fell from $2.60/MMBtu last Wednesday to $2.54/MMBtu yesterday, hitting a weekly low of $2.48/MMBtu on Friday. At the PG&E Citygate in San Francisco, prices fell from $2.91/MMBtu last Wednesday to $2.86/MMBtu yesterday.

News

Collective minds address supply side of local food

What will it take to grow a thriving local food system? What role can institutions play in supporting local food production, and where will the supply come from? More than 40 farmers, processors, distributors, lenders and market leaders recently convened on the University of Kentucky campus for the Bluegrass Barn Raising to discuss strategies for expanding the supply of local foods.

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