Wheat futures continue their advance, pushing easily to new highs for the move on fund short covering and amid ongoing weather issues. Open interest in Chicago has fallen 43,000 contracts since early June, though we mention funds still hold a sizeable net short position. EU wheat futures also closed sharply higher on the day. …
Corn rallied after the midday GFS again trended hotter and drier into the opening days of July. Confidence remains low in any extended forecast, but the GFS does shift a strong high pressure Ridge aloft into the Midwest beginning June 30th (see graphic). We wish to at least highlight the risk that this outlook is…
With May crush data made available this week, a fair estimate for June 1st soybeans can now be made. AgResource estimates quarterly stocks at 944 Mil Bu, up 72 Mil Bu (8%) from a year ago. If realized, US soybean stocks at the start of the 4th quarter will be at a 10 year high,…
Corn Belt Wet in East; Drought Expansion Expected in Plains/Far W Midwest: The pattern through the next 10 days is little changed from previous outlooks. Heavy regional rain will ease concerns of dryness across the Eastern Midwest, while the major forecasting models are in agreement that hot/dry conditions will persist farther west. ARC notes that…
Climate Impact Company updates the week 2-4 forecast for Europe.
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