AgResource’s research suggest Egyptian tenders may be few and far between from now till late summer. The general seasonality in Egyptian tenders is graphic below, and it does appear that this year’s import needs were somewhat front loaded, and anyway the tonnage of wheat sought by Egypt tends to erode in the final quarter of…
Argentine Rainfall Pulled into Nearby Forecast: Confidence is rising with respect to a pattern change in Argentina. The GFS model’s 7-day precip forecast is attached, and this appears to be the best chance of meaningful rainfall since late 2017. Argentina’s primary ag belt is highlighted, and though a material change in yield potential is…
CBOT corn futures again rallied slightly amid a weaker dollar, and possible export sales made to South Korea this AM. Exporter sold 210,000 MTs of optional origin corn to South Korea, but amid rising basis and the lack of new crop supply this is likely to be US execution. EIA’s weekly energy report is due…
Wheat futures fell slightly, ending well off session highs amid a wetter GFS forecast at midday, and the seeming end of La Nina. Widespread rain is still not indicated across the HRW Belt, but slowly the models are beginning to expand Central US precip westward in late March. NOAA’s spring/summer climate forecast will be updated…
In this week’s newsletter, new crop acreage is forecast and net revenue by crop is discussed. Click here to read this week’s Weekly Report
