March 20, 2018 | Grain Hedge Insights | Kevin McNew | Views: 470

Midwest Rain and Snow Next 10 Days will Benefit Wheat

Grains Steady in the Overnight

Headlines

Strong corn export inspections.

Grains hold steady in overnight

EXPORTERS SELL 110,000 METRIC TONS OF CORN FOR DELIVERY TO PERU DURING THE 2017/2018 MARKETING YEAR

 

Ag Exports at Risk

U.S Secretary of Ag Sonny Perdue said on Monday that Ag exports could be at risk in retaliation over the latest tariffs.

Steel and aluminum tariffs go into effect this week.

In response to U.S metal tariffs the EU has prepared a 10 page list of U.S. products valued at roughly $3.45 billion dollars that may be subject to tariffs.

Trump administration is preparing tariffs against Chinese information technology, telecommunications and consumer products.    

 

Argentina

Dry weather continues to stress corn and soybean crop this week.

The latest weather model still suggests another rain event this weekend.

Rain event should favor northern production regions of Argentina.

Confidence remains low that the event will produce meaningful precipitation across the most drought stricken growing areas.

 

Brazil

Showers in west-central Brazil. Conditions remain very positive for corn and soybean development.

 

Winter Wheat Conditions

State winter wheat conditions released on Monday did not factor in the rains over the weekend in Kansas.

Precipitation over the last 18 hours brought .12” to .16” inches to much of central Kansas with the heaviest accumulation in eastern Kansas (.42” to 1.28”).

Forecast expects dry weather across plains for remainder of the week, but rains to benefit south eastern third of the wheat belt next week.

KS winter wheat conditions rated good to excellent was 11 percent. The report showed an increase in poor to very poor to 55 percent from 53 percent last week.

Oklahoma wheat rated good to excellent lowered to 5 percent from 7 percent last week. Oklahoma’s poor to very poor wheat rating declined to 66 percent from 72 percent LW.

Texas winter wheat conditions report lowered good to excellent ratings to 10 percent from 13 percent LW. The report also increased wheat rated poor to very poor to 60 percent from 53 percent last week.  

 

Weekly Export Inspections

 

Actual

Estimated

Wheat

443

275-450

Corn

1,409

1,200-1,500

Soybeans

490

700-1,050

 

Export inspections were strong for wheat and corn but missed expectations for soybeans.

With the pace of export sales it will become increasingly important for corn inspections to maintain a strong volume each week to meet the rapid pace of bookings.

 

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