Tidbits, Grain Prices & Yen, Wheat Estimates, MN Basis, Weather, Economy, Export Sales 5/1/26
- Wright team
- 18 minutes ago
- 3 min read
Tidbits
November beans and December corn made their 2026 highs on Thursday 30 April. $11.78 and $4.99¾ respectively. The price of soybeans continues to rise today, exceeding $11.79.
Japan’s Central Bank intervened in the foreign exchange market with buying yesterday. It was the first such intervention since July 2024. The yen buying raised its value versus the dollar by a massive 3.1%. The yen had its strongest day since 2022.
Japan is the fourth largest importer of American agriculture products, slightly behind the entire European Union. The top five agricultural imports from the U.S. are corn, beef, pork, soybeans, and wheat. Japanese buyers of U.S. corn can save 15¢ per bushel just on yesterday’s currency gain.
FX traders are holding the biggest net short yen position since July 2024, which is the last time Japan intervened to support the yen. There could be a lot of yen short covering in the coming weeks. Some analysts expect the yen to gain another 3% just on short covering. However, if the Federal Reserve raises interest rates in the coming months, that could push the yen lower again. But a stronger yen now will encourage corn importers in Japan to stockpile corn and that will help get new crop corn above $5 for you to make some better sales for 2026 and 2027 crops.
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