CIC Australia Week 2-4 Outlook: Patchy Wet Weather East
Wet periods across east and southeast Australia is forecast mid-to-late December and into January saving the region from hostile drought and heat.
Russian Wheat Exports
Russian wheat exports continue at a record pace, and shipments into early winter, are likely to exceed prior expectations. This is partly due to (record) supply availability, but also due to a lack of anything slowing down Russian demand. Russia has been awarded nearly the totality of Egyptian wheat business this year, and fob lineups…
Afternoon Weather Update
Argentine Rain Expected in 7-10 Day Period: The EU model’s 1-5 day (top) and 6-10 day S American precip outlook (bottom), and other major models this evening are in general agreement on better rain chances in Argentina & Southern Brazil starting mid next week. A high pressure Ridge that’s been in place aloft across…
Competition for Wheat Demand Ongoing; No End to Black Sea Warmth
US wheat futures found even newer contract lows. Funds are again nearing a record net short position, but with global weather patterns mostly not important, and with US export demand lacking there’s just not a spark to trigger any meaningful short covering. Notice in the graphic at left that even Australian cash prices are…
Corn Follows 20-Day Moving Average Lower; WASDE Awaited
Corn fell moderately as March continues to fail to exceed its 20-day MA, and as needed rain does look to fall across Central Argentina next week. ARC doubts this is a lasting pattern shift, but until this rain event can be measured (next Tues-Thurs) funds will be cautious in adding much additional weather premium. Other…
