Highlights
- Argentina weather forecast remains dry
- Kansas to remain dry this week
- Brazil fieldwork behind LY pace
Argentina
- Weather forecast shows continued dryness over the next week.
- Chances of precipitation at the end of next week, but weather models do not align and confidence in event remains low.
- Everyday without precipitation reduces production.
Brazil
- Weather forecast mostly unchanged.
- Persistent rains in northern Brazil are expected to continue to slow fieldwork.
Brazil Fieldwork Progress
- Ag Rural estimates 35 percent of soybean area has been harvested compared to 47 percent LY.
- Ag Rural estimates that 63 percent of second corn area has been planted behind 75 percent LY.
- Ag Rural estimates 24 percent of first corn area in the center south region of Brazil has been harvested compared to 29 percent LY.
Southern Plains Weather
- The major Kansas Wheat producing region has remained bone dry over the weekend with no measurable rain recorded in Kansas, Oklahoma and the panhandle of Texas.
- Weather is expected to remain dry over the central plains this week as temperatures increase.
- Chances of precipitation in eastern half of Kansas in the beginning of next week.
Latest South America Production Forecasts Informa
- Argentina 17/18 soybean production forecast lowered to 44 MMT from 51 MMT.
- Argentina 17/18 corn production forecast lowered to 33.5 MMT from 37 MMT.
- Brazil 17/18 soybean production forecast lifted to 114 MMT from 112.5 MMT.
- Brazil 17/18 corn production forecast lifted to 89 MMT from 88 MMT
Commitments of Traders- Managed Money
- For the week ending Feb 27th, Managed Money increased their net long position in corn by 40,446 contracts to 59,120.
- The net long MM soybean position increased by 48,270 to 147,380 contracts.
- The net short MM position in Chicago wheat was reduced by 6,408 to -60,632.
- The net long KCBT wheat position was reduced by 2,133 contracts to 11,008.
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
