"CHICAGO, March 12 (Reuters) - U.S. wheat futures jumped 5.5 percent on Tuesday, rebounding from contract lows on a round of technical buying and bargain hunting in an oversold market, traders said.
Corn and soybeans also were higher after recent declines, but their gains paled in comparison with wheat as traders unwound bearish positions despite signs of improving crop conditions in key growing areas."
Weekly export sales from Thursday:
https://apps.fas.usda.gov/export-sales/highlite.htm
Mediocre corn/wheat. Massive beans.........all from China!
Global drought map was showing a big chunk of Australia and South America in severe drought a few days ago. I'm not able to link to it today due to server problems.
Here's the precip anomaly map for the last 6 months.
The Southern Hemisphere has those dry regions that you mentioned. The Northern Hemisphere has some wet regions, including the USA but most of the world has been close to average and global drought is close to what it has been the past 40 years.
The map at the link below is not accurate. It's way too dry.......having us dry when we are 8 inches above average precip this year.........double the average.
http://spei.csic.es/map/maps.html
This map shows the story in the US better.
And we are being told that climate change is increasing drought.
https://droughtmonitor.unl.edu/
Which makes me wonder if we won’t have the reverse problem. Too much rain and delayed planting. They will get the crop in of course. But plenty of drama in the meantime.
So this last fall I had more beans than storage, had to take some to town. Never before has that happened with beans.
Like many I sold and bought back the bushels rather than paying storage. Most of us bought July. I waited a while to let the harvest lows pass but I’m still behind on them, not much.
Anyway, there may be a lot of July contract sales. Don’t know how widespread it is, whether it will make a blip on the overall.
Unload them now or wait ? Thanks.
Jim,
You are exactly right!
Too wet for early planting is likely to be an issue this year, possibly a big one.
Not so sure that the recent strength is not tied to that.
Turning much wetter in week 2!!!
Export inspections on Monday:
Not so good for wheat and corn.
