AgResource LATAM, June 20
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Week 2-4 Outlook: Europe
The early summer upper ridge pattern gravitates toward Western Europe.
Wheat Rebounds; World Cash Market Varies Wildly
US wheat futures rallied 3-10 cents. Paris milling wheat futures followed. The market is looking for a bottom and may have found one. Russian crop estimates continue to be drawn down. Spring wheat planting there has ended, and final spring acreage will be a record ow 12 Mil Hectares. Another rally in Russia’s domestic market…
Corn Seeks Bottom; Ethanol Data Supportive
CBOT corn futures found lite buying interest amid oversold technical conditions and a growing net fund short. ARC estimates that funds this evening are net short 67,000 contracts. This compares to a net short of 54,000 in mid-June last year. Notice that only 3 times since records began have funds been short ahead a growing…
Evening Weather Update
US Forecast Favorable Near Term; Heat Returns Late June: Model agreement continues and the outlook into early July is little changed from previously. A nearly stalled front will lower temps and trigger an abundance of rain across a majority of the Central US into next week. Assuming the 7-day forecast verifies, June precip in the…
