by Steve Freed,
Grains are mixed. SK is down 3 cents and near 9.06. CK is unchanged and near 3.73. WK is down 4 cents and near 4.58. US Dollar is lower.
For the week, Winter Wheat prices were up roughly 21 cents for Soft Red Winter, up 11 in the Hard Red Winter, and up 6 for Hard Red Spring; Corn was up 9 cents; Soybeans up 14; Soymeal up $7.00, and; Soyoil down 20 points (crushing margins were unchanged at $0.96, oil-share was unchanged at 32%).
US farmer remains a reluctant seller in part due to low prices and fact US 2019 weather so far is wet and cool. One China newspaper suggested that a deal between US and China may not be signed until June. This cannot be confirmed but adds to the uncertainty in the trade with the number one fundamental effecting prices is a deal.
The U.S. Midwest weather forecast is quiet through the Plains and Midwest the first half of the week; good rains look to arrive to the Plains over the weekend. Rains then move into the southern half of the Midwest Sunday into the early part of next week. Temps are seen running below average for the Plains and Midwest for most of the week then warming to near average later in the weekend and the first half of next week. The U.S. Delta/Southeast weather forecast is not expected to see much in the way of precip this week.
Brazil’s weather forecast calls for rains to continue across all of the growing areas over the next 5 days. Rains over the 6 to 10 day period look to fall mostly in the northern growing regions. Argentina’s weather forecast sees mostly a dry pattern for the next 10 days. Light to moderate rains did fall over the weekend to 90% of the growing areas.
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