ARC’s long-term weather outlook is turning a bit more bearish on rallies. A seasonal top is expected once HRW yield loss/slow spring wheat planting progress is fully digested, and without a widespread Black Sea weather issue the world will again be left with a burdensome supply of wheat. The attached graphic shows recent weakness in…
Plains Drought Worsens Next 7 Days; Warmer US Temps, Some Rain Beyond April 20th: The near term outlook is little changed, with heavy rain/snow offered to the N Plains & Midwest on the weekend, and with ongoing dryness – along with elevated wind speed this weekend – forecast across the Southern & Western Plains over…
Fund buying developed right form the morning open, with strong soybean and meal export sales reports setting the tone for the morning. Large soybean sales were expected due to a string of announcements over the last several weeks, but export commitments now look to finally be aligning with the USDA’s annual forecast. The…
Strong demand was uncovered at midday in the hog market, that lifted prices to new highs for the week. April hogs gained $1 ahead of Friday’s expiration, while June gained against July and August contracts and was nearly $1.50 higher. The cash index was down $.48 at $53.02 but projected just a nickel lower for…
Wheat futures fell another 6-10 cents basis spot futures, as recent model runs have added potentially heavy rainfall to NE and parts of KS & OK next week. In the near term, the Plains drought will worsen, but that the models agree on next week’s rain event is important. And US wheat export sales remain…
