Headlines
- Wheat market sharply higher on dry HRW region and excess moisture in SRW regions.
- Grassley says “No Deal” following White House meeting.
- Weather outlook mostly unchanged in SA
- Exporters sell 250,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year. -USDA
HRW Wheat
- Kansas City Wheat is trading sharply higher this morning due to yesterday's lower crop condition ratings and forecast for continued dryness in the Plains.
- Kansas City Wheat will be VERY vulnerable to continued dryness as it breaks dormancy.
- March precipitation outlook shows continued dryness in the Plains states.
Argentina
- Yesterday evening GFS weather model run suggested little change from previous forecast.
- Potential band of showers could move from south to north this weekend. However, widespread precipitation is not likely and any meaningful rain is expected to be localized.
- Significant rain is expected in the far northwestern part of Argentina. This region has not been the area most affected by the drought.
Brazil
- Unchanged weather outlook.
- Continued showers across the country into next week causing some fieldwork delays for soybean harvest and second crop corn planting.
No Deal on Biofuels Yet
- Meeting on Tuesday was at the White House between Senator Ted Cruz of Texas, Pat Toomey of Pennsylvania and Charles Grassley and Joni Ernst.
- Ted Cruz said the meeting was “positive and productive” while Grassley tweeted “No Deal Made” and said the proposals were not a “win win”
- President Trump has called for more talks between the representatives.
CME Declares Force Majeure
- Significant rainfall over the last week eastern corn-belt has raised water levels and caused moderate and major river and stream flooding.
- Yesterday the CME declared a conditional Force Majeure at all wheat shipping locations on the Ohio river due to “load-out impossibility at a majority of Wheat regular shipping stations”.
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