2023 Weather Market is here
Monday, June 19, 2023 at 3:26:47 p.m. UTC
Top 3 – Things to Watch this week:
1. Ukraine has started grain harvest. It is expected to be 45 million tonnes from 53 million in 2022.
2. Welcome rain in much of the Prairies. The drought map has gone from severe drought in central Alberta to normal moisture levels. Many farmers expect that wheat yields will be down as moisture was too late.
3. It is extremely Dry and Hot down in the “I” States where a lot of the soybeans and corn is grown. The weather models are predicting it will stay hot and dry for the next 5 days.
This week’s Action Item:
We are in a weather market. This is an excellent opportunity to get caught up on new crop sales. These types of markets can change in an instant a soon a rain is forecasted.
Technically on the canola, 740 Nov futures is a solid support line.
Chart:
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