Major row crop markets enter the new growing season with record low corn and soy exporter stock/use and near-record low wheat exporter stocks/use. Clients should be aware that by any fundamental measure, world grain and oilseed balance sheets are tighter than they were during the ultra-bull years of 2007-2013. And similar to 2008-2013, biofuel has…
No Sign of Moisture Relief Across Central Plains/W Midwest into June 22nd: The GFS/EU models are in better agreement. A broad Ridge/Trough pattern keeps the jet stream aligned north of principal ag areas. This keeps meaningful precip confined to the Delta/MidSouth. High temps in the 90s persist into June 14th, which keeps evaporation rates elevated.…
GFS Remains on Odds with EU/Canadian Models; Meaningful Precip Stays Isolated to Eastern Midwest: The GFS maintains the potential for soaking rainfall worth 2-3” across North Dakota over the next 72 hours. The EU and Canadian solutions keep ND rainfall more widely lite/scattered in nature. AgResource’s bias leans towards the EU/Canadian outlooks amid their elevated…
No Change in North American Climate Pattern; Heat, Dryness Probable into June 22: The EU, GFS and Canadian Ensemble models agree that lite rains will impact Canada this week but a pattern of below normal precip and abnormal heat persist across all but the Southeast and far Eastern Midwest into the second half of June.…
Models Strip Precip from Northern Plains/W Midwest Next Week; Concern Over Lasting Heat & Dryness Increasing: The forecasting models trended considerably drier with the EU/GFS in better agreement at week’s end. The attached graphic shows the change in the EU model’s 10-day precip forecast. Additionally, bias-corrected forecasts maintain that ongoing heat/dryness are probable across the…
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