Steady to Better Start Expected in Grains
A steady to mostly better start is expected this am following similar action overnight. The $ is a little lower while crude oil and equities are a little better, providing additional support for the grains this am. There isn’t much fresh news so far today. Informa will be out with their acreage guesses at 10:30 am, central time, which could modestly impact prices at that time. Expect to see the usual evening up or lightening up of positions later today ahead of the weekend.
Argentina will see very much needed rain the next 24-48 hours in their drought stressed wheat belt but the driest parts of the belt will get the least amount of moisture so additional rain will be needed again soon to improve conditions significantly. More beneficial rain is predicted in China’s main corn and bean growing areas the next few days, keeping condtions there favorable. Planting delays are expected to continue in much of India’s grain regions as the monsoon remains too far south for this time of year. Parts of the Ukraine and southern Russia’s corn and sunflower growing area have been hot and dry recently and more of the same is expected the next 7 days, increasing stress on crops there. Dry conditions are forecast to persist in western parts of the Canadian Prairies the next 5-7 days, increasing the need for rainfall there soon.
The US southwest winter wheat belt will see up to 1.5″ scattered rain today-tomorrow, causing some harvest delays. Generally dry weather is expected by Sunday through much of next week, allowing harvesting to speed up. The midwest saw widespread rain yesterday and more is forecast the next several days in the west but the east will have only light, scattered rain after Saturday. This rain is generally welcome except in areas that need to finish late bean planting and in areas where local flooding exists. ---Vic Lespinasse
Argentina will see very much needed rain the next 24-48 hours in their drought stressed wheat belt but the driest parts of the belt will get the least amount of moisture so additional rain will be needed again soon to improve conditions significantly. More beneficial rain is predicted in China’s main corn and bean growing areas the next few days, keeping condtions there favorable. Planting delays are expected to continue in much of India’s grain regions as the monsoon remains too far south for this time of year. Parts of the Ukraine and southern Russia’s corn and sunflower growing area have been hot and dry recently and more of the same is expected the next 7 days, increasing stress on crops there. Dry conditions are forecast to persist in western parts of the Canadian Prairies the next 5-7 days, increasing the need for rainfall there soon.
The US southwest winter wheat belt will see up to 1.5″ scattered rain today-tomorrow, causing some harvest delays. Generally dry weather is expected by Sunday through much of next week, allowing harvesting to speed up. The midwest saw widespread rain yesterday and more is forecast the next several days in the west but the east will have only light, scattered rain after Saturday. This rain is generally welcome except in areas that need to finish late bean planting and in areas where local flooding exists. ---Vic Lespinasse
posted by InsightPublishing at
10:30 AM
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