Global Wheat Market Follows Bearish Seasonal Trend; Weather to Dominate Price into Late Spring/Summer: World wheat cash prices are adrift. Very abruptly, market sentiment has shifted from concern over tight supplies in Europe to a noticeable lack of importer interest. This easing of global demand is routine in March/early April, but amid lofty prices the…
US-Brazil Soybean Price Relationship Unchanged; Brazilian Basis Bottoming?: Brazilian fob soybeans maintain a $19/MT discount to US Gulf origin for spot and May delivery. This discount assures that Brazil dominates world trade into July, but its not large enough to encourage US imports. The paper market in Brazil in June-July is $.60-.80/Bu over CBOT futures…
Drought Eliminated From Central KS/Eastern NE; Spring Forcast Dry in Plains, Warm Everywhere: As expected, this week’s US drought monitor showed dramatic improvement across the Southern and Central Plains, with moderate to severe drought conditions now relegated to the TX panhandle, NW KS, E CO and W NE. Additional improvement is expected across KS/NE in…
Feed Wheat Prices Decline; Argentine Corn Competitive; No Sign of Brazilian Corn Exports Through July: Black Sea fob feed wheat has following the milling wheat market lower. Feed wheat’s premium to Gulf corn this evening is quoted at $17/MT vs. $40 in late Feb. Argentine corn is offered at level money with US Gulf corn…
Plains Rainfall Matches Expectations; Wet Pattern Extended into March 30: The attached graphic shows 7-day precip accumulation ending midday Tuesday. The most recent event has largely developed as expected, with needed rainfall of 2-4” favoring KS, NE and pockets of the TX/OK panhandles. Major soil moisture improvement has occurred there, and model guidance maintains an…
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