Weekly Newsletter, May 9
In this week’s newsletter, we take a look at the accuracy of the USDA’s new crop projections in its May WASDE report.
Argentine Corn Prices
AgResource takes at look current weakness in Argentina’s corn market, as well as discusses seasonal trends through summer.
Afternoon Weather Update
US Forecast Trends Much Wetter into Late May: Regionally heavy rainfall returns to the Plains and Southern Midwest through the weekend, and the models are in agreement that another round of heavy rainfall is offered in the 8-15 day period. NOAA’s best guess on 5 day rains is below. The forecast is warmer in the…
Wheat Declines Further on Dollar; US Forecast Not Ideal Though
Wheat futures fell another 3-5 cents, led by KC contracts, amid a decent rally in the US dollar and mostly favorable weather outside of the Central US. We do mention, however, that ongoing soaking rainfall is probable across the Plains, Midwest and Delta through the latter part of May, and disease pressure and harvest issues…
Corn Ends Flat Ahead of WASDE; Planting Concerns Mount
Corn futures ended just marginally higher today, as the market remains unmoved by adverse rainfall across the Southern and Central Midwest. Recent model runs have wetter, not drier, and assuming NASS planting intentions data there remains some 11 Mil acres of corn unplanted in MO, IL, IN, OH and MI. The trade’s average guess…
