AgResource Weekly Newsletter, Jan 18
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Soil Moisture Sees Major Recovery in the Past 6 weeks: Mississippi River levels are back near normal with topsoil moisture showing solid gains following the warm/wet weather of the past 6 weeks. The graphic reflects that topsoil moisture levels are 100-150% for most of the Midwest. Only the far SE US and the Western Plains…
Best Rains in Months for Argentine Crops; Long Range Forecasts Call for End of the Drought. The EU and GFS models are in broad agreement that an improved South American pattern is offered for the next 2 weeks. Needed soaking rain of 2-4.50” is offered for 70-75% of Argentina’s crop belt. Additional rain will be…
AgResource Farm Marketing Advice for Thursday: 1/ Wheat Producers: Sell another 20% of the 2022 wheat crop if March Chi wheat reaches $8.02. If filled, 2022 sales will be pushed to 60%. The December Producer Price Index showed that prices continue to make record highs, but the rate of increase versus a year ago continues…
US wheat supply tightness in 2023/24 will be centered on spring wheat, rather than SRW & HRW, as winter wheat acreage expands by 3.1 Mil acres and spring wheat areas are likely to be lower this spring. AgResource’s preliminary by-class balance sheets are attached. Stocks of all US wheat classes grow, but HRS stocks/use stays…
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