Weekly Newsletter, July 6
In this week’s newsletter, we break down US wheat supply & demand by class. US corn & soybean yield models are also updated.
Ukrainian Corn Supply & Demand
AgResource breaks down Ukraine’s weather to date, and what it means for its corn balance sheet.
Afternoon Weather Update
Models Trend Warmer, Drier Across Plains: The GFS at midday pushed the mean position of high pressure Ridge directly into the Corn Belt beginning mid-next week, which if realized will promote a rather hot/dry pattern during the bulk of corn pollination. The GFS may be incorrect with the exact position of the Ridge, but the…
Wheat Falls on Technical Profit Taking; World Cash Market Firm
Wheat futures fell sharply and again traded wildly in Minneapolis, as the market had become heavily overbought. Spring wheat remains a far less liquid market, and we expect further volatility in the weeks ahead. However, the market is far from accomplishing the goals of slowing high protein wheat consumption and attracting needed acreage in 2018/19,…
Corn Unwilling to Break Amid Hot/Dry Forecast
Corn futures ended slightly weaker, but well off session lows, as the Central US forecast failed to include any meaningful rain across the western two-thirds of the Corn Belt. Confidence in forecast details beyond the next 10 days is low, but the overall theme remains one of excessive heat and a lack of rain across…
