weather is now front and center
Monday, June 5, 2023 at 3:07:44 p.m. UTC
Top 3 – Things to Watch this week:
1. All things wheat. Dryness in Mid west USA and In much of Alberta. Saskatchewan is in much better shape. Probably on reason why canola market is not in a rally.
2. Ukrainian Grain Association is projecting wheat at 17 MMT down from 20. All grain and oilseed production is expected to be down by a minimum of 5 MMT. It will probably be more. Some reports are claiming it could be more than 20% or 16 MMT.
3. Soybean supply is considered ample. Which is hurting the canola market.
This week’s Action Item:
Most farmers are waiting for rain and hence not doing any prebooking. There is really not much rain in the forecast which means the market could heat up at any minute.