A conflicting 2-week MJO forecast between the GFS and ECM models is indicted. However, based on 3-day model verification the GFS is preferred. Implied is southern expansion of the North-Central U.S. drought but the core of soybeans and corn crop areas avoids persistent dryness.
AgResource breaks down the (bullish) week in ag commodities.
AgResource updates US spring wheat production, this time accounting for likely abandonment.
GFS Cooler in Midwest beyond July 20; Otherwise No Change to Outlook: The GFS at midday intensified a Ridge/Trough pattern, which will work to bring cooler – but still dry – air into the heart of the Midwest in the 12-15 day period. The EU model did not confirm this, however, and in the meantime…
Wheat futures ended modestly weaker at all exchanges, and chart-based selling remains the theme. Sep CME has an open chart gap at $5.26, which looks to be filled, but otherwise we advise end users to extend coverage through all of 2017 on any further break. Note that EU futures and cash markets ended higher today.…
