Wheat futures ended mixed, and on the week CME & KC contracts lost 24-30 cents but spring wheat ending unchanged. Fund selling has paused, and fundamentally, ARC continues to trim major exporter production, as evidenced by our updated Canadian outlook. Ukrainian wheat yields so far have been disappointing, and without improvement the USDA’s forecast may…
The major forecasting models this evening are warmer & drier than Thursday’s runs, and so modest premium was added to the market today. Next week will be especially hot, and highs in the 90s will reach into the Central Midwest. There’s still no substantial evidence of a pattern change into the final days of July,…
Forecasts Warmer Again; Heat Reaches Midwest Next Week: The major forecasting models are no longer as cool in the extended period, and through the next 10 days substantial declines in soil moisture are forecast across some 70-80% of the US Corn Belt. A high pressure Ridge intensifies and expands into the Midwest early next week.…
AgResource updates Canadian wheat & canola production based on weather to date.
Bottom Line: It appears that next week’s export inspections will be 0.145-0.415 MMT (range 270,000 tonnes). Based on the accuracy of our estimation procedures over the past two months, our point estimate for inspections next week is 0.400 MMT (15 Mil Bu). If this is correct, that would be down 75,000 MT (16%) from the…
