The table below displays US corn supply and demand using different yield scenarios ranging from 174.5-182.0 bushels per acre. Even this is a rather narrow range and validates the market’s reaction to hot/dry Midwest forecasts as early as the opening week of June. Confirmed yield loss triggers the need to slow/terminate demand – which will…
Soybeans Rally on Dry US Weather Forecast: Soybean futures gained 18-25 cents to start the week. New crop futures paced the rally on a drier than needed weather forecast for the driest parts of the Western and Northern Midwest. The June Fats and Oils report affirmed a total April crush of 170 Mil Bu. Soybean…
Dec CBT Corn Soars Through 20-Day Moving Average; Widespread Crop Stress Expected in First Half of June: CBT corn futures ended 27-31 cents higher, further confirming that seasonal lows were scored early last week. The abrupt shift to Central US warmth and dryness is noted. AgResource also notes that old crop demand will stay at…
Brazilian Precip Stays South of Safrinha Corn Producing Areas; Abnormal Heat Plagues Later Pollinating Fields: The South American climate outlook into mid-June is consistent with prior output. Historic structural dryness will be ongoing over the next two weeks across all states but Parana – and in Parana two-week cumulative precip will be only 40-60% of…
World Wheat Markets Extend Reversal on Worsening Drought Across Northern, Western US: US and world wheat futures ended sharply higher, led by the rapid addition of weather premium to spring wheat contracts in Minneapolis. The better performing EU and Canadian weather models maintain a pattern of dryness and abnormal early summer heat across North America’s…
