Apparently the wheat got hammered because of rains in wheat country of Russia.
Positive news about beating COVID-19 helped the stock market and the not as bearish as expected EIA storage report, rallied crude and this likely helped C and S.
Here's the latest 2 week rains from the European model.
Below that, temperatures for next Friday morning on the last GFS operational model.
There is some really cold air coming down into Southeastern Canada late next week. Well down into the 20's!!! If that cold gets a bigger push, into the Eastern Cornbelt, it could end up being pretty bullish(for SRW). If temps, for instance dropped into the mid 20's in IN and OH.
Not enough corn or beans emerged at this time to do much damage with U-20's or higher but mid 20's for numerous hours on emerged corn/beans might kill the growing point.....if we got that cold, which is not in the forecast right now.
Wayne, I hope you dodge the bullet on your early planted corn with this cold wave as it looks like U-20's next Thu and Fri mornings for you )-:
Another blast of cold in 13 days as seen from low temps on the bottom map. So the
https://www.farmprogress.com/market-reports/afternoon-market-recap-april-29-2020
Export hopes prop up corn, soybeans.
Wheat takes a tumble after beneficial rains land on overseas competitors
On Tuesday, commodity funds were net sellers of corn (-5,500), soybeans (-4,500) and soymeal (-3,500) contracts but were net buyers of soyoil (+3,000) and CBOT wheat (+1,500).
Thursday weather...........DRIER!
Dry could be getting bullish
Dry pattern coming up. Will be interesting, if it continues in May to see how much bullish traction we get.
The HRW price has been the strongest recently and today since that crop would be affected adversely with dry weather in the Plains(after the freeze damage in April in the S.Plains has caused crop ratings to plunge the past 2 weeks.
-8% gd/ex in just 2 weeks.
Extended guidance this afternoon will be dry again:
Some very chilly air coming to the Midwest/Northeast the next 10+ days.
Get a load of these temps for a week from Sunday morning on the just out 12z GFS.
Just below freezing in the Eastern Cornbelt, all the way down to the Southeast US.
I keep an eye on the NWS forecasts for professional reasons. And they are not anywhere near the models you are quoting. Quite often 20 degress+ higher than the projections of your models. Rain potentials are anyone's guess. Not depending on these particular models for accurate forecasting.