AgResource Weekly Newsletter, Feb 28
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AgResource Farm Marketing Advice for Wednesday: 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%. While pending home sales in January marked a surprising uptick, the latest data on home prices reflected a further erosion in prices for…
South American Pattern Remains Stagnant; Surplus Soil Moisture Present for Brazilian Safrinha Corn: The South American forecast into March 10th is consistent with prior runs and viewed as adverse in Argentina and favorable across Brazil. The attached graphic shows current root-zone soil moisture anomalies. Historical moisture deficits remain in place in Argentina, while a vast…
US Forecast Adds Precip to Northern Plains; Midwest, CA Stay Wet: The Central US forecast is broadly consistent with prior runs, though moderate to heavy snow has been added to portions of the Dakotas. An outright wet pattern will linger across the southern and eastern Midwest into Sunday, with precip accumulation of 1-3” projected in…
Tuesday marked the end of the price discovery period for the 2023 US federal crop insurance program for summer row crops. The average price of December corn and November soybeans during the month of February will be used for farm revenue calculations. Despite the late-month sell-off in new crop CBOT prices, the monthly average prices…
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