** 6:30 AM CST CBOT Prices: January soybeans are down 7.25 cents at $9.825, March corn is down 1.75 cents at $3.51, and March Chi wheat is down 5.0 cents at $4.14. ** AgResource AM Grain & Oilseed Comment: Good Morning! A steady opening produced new selling in CBOT soybeans on the prospect of more…
Madden Julian oscillation is forecast to gain strength shifting east of the Dateline next week. This convection transition lends support to wetter forecast models for Argentina in the 8-14 day period.
In 2013 State Climatologist Nicholas Bond of the University of Washington noted an unusual warming of the northeast North Pacific which during 2014-15 strengthened and did not weaken until 2016. The large area of warm water correlated to an upper level ridge pattern associated with the downstream polar vortex winter of 2013-14 and 2014-15 and was a major contributor to California drought. A weaker version of this phenomenon formed in 2017 southwest of California (Fig. 1) and has contributed to another drought and record 2017 fire damage.
** AgResource Pre Opening Sunday Market Calls: Soybeans 1-3 cents higher, corn and wheat steady to 1 cent higher. ** Sunday Weather & Market Comment Discussion: CBOT opening week calls are steady to slightly higher on a continued below normal rainfall pattern across Argentina and the southern third of Brazil for the next 10…
AgResource breaks down the week in ag commodities.
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