Sharply lower outside markets may open grains lower
A lower to sharply lower start is likely this am, around 10 in wheat, 7-10 corn and 25 beans. Crude oil and equities are sharply lower this am while the $ index is stronger, a bearish combination for all the grains. Malaysian palm oil fell 102 ringgit today as most commodities markets fell sharply, reflecting economic concerns in several countries that will spill over into the grains this am.
The annual Pro Farmer crop tour of Midwestern corn and bean fields starts today. Pro Farmer publishes a widely-followed, popular farmer-oriented magazine and every year they send analysts out into the fields to estimate the size and condition of the corn and bean crops. The tour concludes Thursday night and Pro Farmer will issue its production guesses afterward, which could impact the market. Daily summaries will also be made which can also impact trading at any time during the session with many wire service reporters, including Dow Jones, Reuters and others, on the tour and sending out comments at any time. Traders will watch these reports and the market sometimes is effected by them. The tour is split into eastern and western groups with the Mississippi River the dividing line between the two. Expect reports from groups traveling in the west to report much more advanced crop progress than groups in the east, where corn and beans were planted much later and are well behind normal in development.
Hot and dry weather recently in some of the main corn growing areas of China, such as Jilin, have stressed the crop there but rain is falling today and more of the same is forecast this week, which will be very welcome. Drought continues to stress corn in parts of the Ukraine and southern Russia with little relief expected the next 7 days. The monsoon improved in parts of India over the weekend with better rains but it is still poor in the northwest part of the country.
Up to 2" beneficial rain fell in the US western Midwest over the weekend with up to 1.5" in the east. More welcome rain is predicted in the region this week, along with mild temps. The 6-10 day calls for above normal rain. ---Vic Lespinasse
The annual Pro Farmer crop tour of Midwestern corn and bean fields starts today. Pro Farmer publishes a widely-followed, popular farmer-oriented magazine and every year they send analysts out into the fields to estimate the size and condition of the corn and bean crops. The tour concludes Thursday night and Pro Farmer will issue its production guesses afterward, which could impact the market. Daily summaries will also be made which can also impact trading at any time during the session with many wire service reporters, including Dow Jones, Reuters and others, on the tour and sending out comments at any time. Traders will watch these reports and the market sometimes is effected by them. The tour is split into eastern and western groups with the Mississippi River the dividing line between the two. Expect reports from groups traveling in the west to report much more advanced crop progress than groups in the east, where corn and beans were planted much later and are well behind normal in development.
Hot and dry weather recently in some of the main corn growing areas of China, such as Jilin, have stressed the crop there but rain is falling today and more of the same is forecast this week, which will be very welcome. Drought continues to stress corn in parts of the Ukraine and southern Russia with little relief expected the next 7 days. The monsoon improved in parts of India over the weekend with better rains but it is still poor in the northwest part of the country.
Up to 2" beneficial rain fell in the US western Midwest over the weekend with up to 1.5" in the east. More welcome rain is predicted in the region this week, along with mild temps. The 6-10 day calls for above normal rain. ---Vic Lespinasse
posted by InsightPublishing at
10:30 AM
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