Rebalancing from last Friday’s USDA Acreage report appears to now be complete as corn and soybeans traded places and wheat flounders sideways. On the bearish side, U.S. prices continue to sit on the global high side, stifling the export trade. Still bullish is suboptimal moisture levels in key production areas. Overall, the situation should now shift to something less volatile.
That is assuming the improved trend in weather holds up. Today’s Drought Monitor report showed the improved moisture conditions in Illinois and Indiana, but worsening soil moisture deficits in Missouri, Minnesota, and Wisconsin.
There is a series of ridges bringing cooler air down from Canada and stimulating rainfall that mostly benefits south...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
