Thanks to tjc for the request.
Not a good forecast for early planting right now:…..however, the moisture coming up is just what the doctor ordered longer term!
Also, will help wipe out the remainder of the drought in the Pacific Northwest.
https://www.marketforum.com/forum/topic/83844/
7 Day Total precipitation below:
http://www.wpc.ncep.noaa.govcdx /qpf/p168i.gif?1530796126
Last week as of March 12, 2024
https://www.cpc.ncep.noaa.gov/products/predictions/610day/index.php
This one might be the worst of all. Total 2 week snowfall from the last 0z European model ensemble.
The bright blue is 20+ inches!
Again, this represents great moisture that soaks into an unfrozen soil when it melts!
Oats, which are planted first and have alot of Upper Midwest acres will be the most vulnerable to some planting delays and/or acreage shifting to other crops….if this continues.
https://www.nass.usda.gov/Charts_and_Maps/Crops_County/ot-pr.php
Table 1 – Optimum seeding dates and last recommended seeding dates for small grains in Minnesota
Area of Minnesota | Optimum Seeding Date | Last Planting Date |
South of U.S. Highway 23 | First week of April | First week of May |
South of MN Highway 210 | Second week of April | Second week of May |
South of U.S. Highway 10 | Third week of April | Third week of May |
South of U.S. Highway 2 | Fourth week of April | Fourth week of May |
South of Canadian border | First week of May | First week of June |
Source: University of Minnesota’s Late Planting Spring Small Grains
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Table 3 below indicates that we still have plenty of time, though the OPTIMAL planting date window may pass by in many locations above.
Table 3 – Percent of the oat crop planted by April 23 and 24, 2023 and comparisons for seven states.
State | April 23-24, 2023 | 2022 | Five-Year-Average |
Minnesota | 5 | 2 | 15 |
Iowa | 67 | 44 | 55 |
Wisconsin | 15 | 7 | 19 |
South Dakota | 13 | 36 | 25 |
Michigan | 16 | 4 | 23 |
Ohio | 61 | 28 | 37 |
New York | 20 | <5 | 10 |
Source: UDSA-NASS State Crop Progress Condition Reports
https://ipad.fas.usda.gov/rssiws/al/crop_calendar/us.aspx
The time frames are very dependent on the location. Planting oats in Texas, for instance is almost completed by the time MN is just getting started!
Planting Considerations for Oats in South Dakota
https://extension.sdstate.edu/planting-considerations-oats-south-dakota
Oats are a cool-season crop that responds well in cooler climates. Planting is recommended early in the spring, or as soon as the ground can be worked. Minimum germination temperature is about 35°F, however, slightly higher soil temperature (>40°F) can speed up the germination and emergence. Planting early provides a cooler climate for optimal tiller growth and panicle production. Early planting also helps to avoid the risk of high temperatures during seed fill that can lead to smaller seed size, reduced yield and test weight. Optimum seeding time for oats in South Dakota can range from late March (southern regions) to late April (northern regions).
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Oklahoma:
Friday, March 5, 2021
https://news.okstate.edu/articles/agriculture/2021/stotts_oat-planting.html
“The general, rule-of-thumb, cutoff date is about March 10,” said Alex Rocateli, Oklahoma State University Extension forage systems specialist. “Science tells us that oats will germinate after the soil temperatures reach 40 to 43 degrees for a couple of days. Currently, moisture is good and the Oklahoma Mesonet shows our soils have reached this minimum threshold.”
Spring-planted oats can be a great option for producers in central Oklahoma who do not have sufficient wheat, annual ryegrass or fescue pastures, he said.
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Corn seed likes temperatures above 50 degrees for germination. Oats is around 40 deg. f.
This map is updated daily(with previous days data).
https://mesonet.agron.iastate.edu/agclimate/soilt.php
https://www.weather.gov/ncrfc/LMI_SoilTemperatureDepthMaps
http://www.nrcc.cornell.edu/industry/grass/html/soiltemp.html
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https://mrcc.purdue.edu/clim/Soil-T
AVERAGE DATE TO 40 DEGREES BELOW:
AVERAGE DATE TO 50 DEGREES BELOW:
TJC,
I noted that here, just after noon the May Oats have traded a total of 558 contracts!!!
Don't know of anything else that thinly traded!
https://tradingeconomics.com/commodity/oat
The market is definitely NOT concerned about a planting delay or yield impact. Just the opposite.
The moisture looks to be construed as BENEFICIAL!
Soilmoisture anomaly:
These maps sometimes take a day to catch up to incorporate the latest data(the bottom map is only updated once a week).
https://www.cpc.ncep.noaa.gov/products/Soilmst_Monitoring/US/Soilmst/Soilmst.shtml#
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Updated daily below:
https://mrcc.purdue.edu/cliwatch/watch.htm#curMonths
DROUGHT MONITOR
https://droughtmonitor.unl.edu/
Last week as of March 12, 2024
January 30, 2024 below
DECEMBER 12, 2023 below
NOVEMBER 14, 2023
October 17, 2023
August, 2023, BELOW
DROUGHT MONITOR NOVEMBER 1, 2022
The severe drought in the Southwest to N. Plains was wiped out this year from the El Nino.
Drought monitor previous years: You can see the natural La Niña, (cold water-in the tropical Pacific)causing the drought! Starting in 2020, then worsening for 2+ years!
Bearish forecast from the 2 week, total precip standpoint:
06z GEFS total precip 384 hours:
This is why:
https://www.cpc.ncep.noaa.gov/products/Soilmst_Monitoring/US/Soilmst/Soilmst.shtml#
DROUGHT MONITOR
https://droughtmonitor.unl.edu/
Last week as of March 12, 2024
After over 5 hours of trading, May Oats has a total volume of 29 contracts.
Compare that to May Soybeans with almost 29,000 contracts traded!
So front month beans have had 1,000 times more volume than front month oats tonight!
thanks mike
MetMike
WOW--what a response! Much more detail than I deserve.
Oat growers can confirm, but I am of the impression that 'too much' moisture and delayed planting of oats results in decreased yields and/or crop switching. Thus, the ever bottom picker, TJC, might be just 'too' early in wanting to get long. (I am forecasting a daily/weekly low today, friday or monday)
IF your weather observations hold true and just another couple weeks of MOISTURE holds true, the optimal planting timeframe may be exceeded?
I have 3.49 in mind with 8-10 risk
Options exist, but almost zero volume. Due to low volume, future execution can be frustrating--watch extremes.
Trade well
YW!
tjc,
I get busy doing other stuff, especially during chess season and am not 100% tuned into the markets and weather, especially in March when its too late in the heating season for NG and too late for crops in SA and too early for crops in the US.........but I can count on you or Larry or cutworm to tune me in!
Thank YOU!
LONG 354
Thanks tjc,
This was the last 6z GEFS total snow for the next 2 weeks.
Since MWE is up the least of the wheats, its hard to make a case for this to be from Spring Wheat planting delays.
However, this amount of snow in the Upper Midwest at this time of year, should be seen as POTENTIALLY bullish for oats regardless of what the market has been thinking this week.
https://www.cpc.ncep.noaa.gov/products/predictions/814day/index.php
However, there will be a pattern change in week 2 that warms things up a great deal but with that warm up, may come some rains.
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Latest precip, including snow here:
Oats gapped higher after closing near its highs on Friday.
will see what the day session has in store.
Oats gapped higher after closing near its highs on Friday.
will see what the day session has in store.
oats has been locked into a pretty narrow price trading range since December.
can we break out to the upside?
Droight concerns probably have a much better chance to cause that than planting delay concerns in a drought do.
Missing precip this time May actually be the reason for the gap higher NOT because of snow and cold that the market knew about and was not more than expected.
Oats are just too cheap
"THREE DAY" rule says buy/sell 3 days after low/high.
See if oats give you a buy
Buy 359
My opinion is that the new weather forecasts are turning less and less bullish for planting oats"…relatively bearish with time.
Oats still have a little gap higher left from the Sunday night open that keeps things technically bullish.
once filled, that becomes a gap and crap formation which is a technically bearish signature.
I’m not predicting anything with high confidence, just telling you that the bullish planting delay weather is getting less bullish.
May oats had a whopping 27 total contracts traded overnight.
Total snows for the next 2 weeks from the last 0z European model, some from this current event winding down.
The market has totally known about this snow for a week. Now, we look at the pattern in mid-April that will be important to getting planted rapidly, since oats will still have time then.
This is the last upper level wind map on that model for April 10th.
Much milder, zonal flow from the Pacific.
The 850mb temps below, show some lingering but waning cold still trapped in the Upper Midwest in 2 weeks but we know with absolute certainty that it will continue to erode and become milder and milder.
Why is that certain?
Look at the jet stream.
How will a flow regime like that acquire cold air from a source region thousands of miles north of this map?
Answer: It can't
This guarantees the the 2nd half of April WILL BE milder.
Surface winds and snow cover could keep it from really warming up but it WILL BE milder and probably allow oats to start catching up with planting.
MetMike
Thank you for detailed weather information. I will monitor my trade!
YW, tjc!
We got the gap and crap formation on Tuesday morning from Sunday Night's gap getting filled. This is usually only significant after a long move up or down as an indicator of the buying(selling) having one last gasp which represents an exhaustion because there's no follow thru. We've been trading sideways for months so its not a big deal here.
It can also mean that the factor which caused the extreme change in mentality while the market was closed, and the gap to a price completely outside the previous range/trading bar.....has subsided, which means the price can return to the previous trading range again.
We're back down inside Friday's range.
Here's the 850 temp map from the European model that I must have forgotten this morning. Now from the 12z run 12 hours later and MILDER yet.
It looks to me like the pattern, as we approach mid April is going to morph towards warm and dry.
The extended guidance from the NWS is still pretty wet but I think it will get drier and drier.........warmer and warmer during the next week+
out 356
thanks, tjc!
As expected from previous statements, the just updated extended NWS forecast warmed:
https://www.cpc.ncep.noaa.gov/products/predictions/814day/index.php
Warmer and warmer as expected......and wet too:
https://www.cpc.ncep.noaa.gov/products/predictions/814day/index.php
As expected, temps have continued to warm way up in the extended forecast:
https://www.cpc.ncep.noaa.gov/products/predictions/610day/
These are freeze frames from April 1, 2024.
Oats are on the verge of a downside breakout!
1. 1 month
2. 1 year
3. 45 years
https://tradingeconomics.com/commodity/oat
++++
Great planting weather ahead:
https://www.cpc.ncep.noaa.gov/products/predictions/814day/index.php
Oats seem to be on a course to test the April 2023 low of 300. If taken out, the 250 area of March 2020 is in play. The low in the last ten years is at the 170 level in Sept 2016.
Cycles would suggest the 7 year cycle bottomed in 2023.
Oats is in its 21st week from last low, now suggesting a weekly low next week to coinicide with a daily low say next Wednesday to Friday. Watch 320 Dec.
Thanks, tjc!
I take little satisfaction in saying, "I wasnt wrong, just early!"
Dec oats bottomed April 9 at 332. Last quote 370
I was just getting ready to post on the oats spike higher today, tjc!
"I take little satisfaction in saying, "I wasnt wrong, just early!""
Actually, tjc being over a month early IS being wrong, unless you stayed in the trade the entire time and were STILL LONG TODAY!
Oats have seen a FASTER than average planting pace in every state, except for PA.
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Not sure what the news was today that caused the spike higher.
Guessing--large producing areas Minn, Dakotas , Canada too wet and will be for next many days.
First notice day sure tanked May from high
Had I been in Dec, only 8-10 cent (500) draw down You know, Nasq in two hours
after the big spike higher, oats are back down to the early April lows, which was the lowest Price since we spiked down briefly to $3 In April 2023.
Have to go back to 2020 for a price below that!
THE FIELD ACROSS THE ROAD FROM ME, FINALLY GOT PLANTED LAST WEEK. THE BEANS ARE ABOUT 2" HIGH. WE'LL SEE HOW THEY FAIR IN THIS HEAT NEXT WEEK. THEY'RE TOO SMALL TO HAVE A CANOPY FOR CAPTURING THE NIGHT TIME DEW.
WE HAVE 1 DAY NEXT WEEK, WITH THE CHANCE OF RAIN SITTING AT 33%...MID TO UPPER 90s