The grains rebound from the lows printed on Wednesday came to a halt last night and reversed with corn down 3 1/4 cents, soybeans down 11 cents and wheat down 2 3/4 cents. The U.S. dollar is trading down .12 percent and crude oil is down 13 cents this morning. Egypt’s GASC purchased 175,000 metric tons of wheat in a tender that was sourced from Ukraine and Russia.
On Thursday the U.S. Climate Prediction Center announced that the likelihood of El Nino continuing through the spring has increased to 85 percent from 80 percent last month. According to the center this year’s El Nino is “significant and strengthening” with most models pointing to an event above 2.0 on the Oceanic Nino index. The last El Nino event that registered over 2.0 was in 1997.
The weather forecast will provide moisture to some of the drier areas next week with the 6-10 day forecast also favoring a wetter than normal Midwest. Temperatures should be warmer than normal which should help speed up crop development and provide little stress on the crop. Temperatures could reach mid 90’s in North Dakota over the weekend.
