The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
The Grain Hedge Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
KCBT wheat breaks through Feb 20th highs on poor US crop ratings and expectations are for continued dry weather.
Significant rainfall has led to reported flooding along the river systems.
Exporters sell 130,000 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year. -USDA
Wheat Conditions Deteriorate Further
Kansas HRW wheat rated 12 percent good-to-excellent down 2 percent from Jan. Wheat rated poor-to-very poor throughout Kansas increased 5 points to 49.
Oklahoma HRW wheat rated 4 percent good-to-excellent was unchanged from Jan. Wheat rated poor-to-very poor in the state declined by 1 point to 78 percent.
Drought conditions are expected to worsen this week across Kansas.
Temperatures should drop sharply mid-week in the central and Volga regions of Russia. Good snow cover should protect the crop from any damage.
More U.S. Rain in Delta and Midwest
Significant rain over the last month in the eastern Midwest and Delta regions has saturated the soil and caused flooding along the Illinois, Ohio, Tennessee and Lower Mississippi.
Last week the CME declared a Force Majeure along the Illinois river as flooding halted barge loading activity.
More precipitation is expected through Thursday which will increase flood conditions on the Tennessee and lower Mississippi.
Drier conditions from Friday through the weekend will help, but cooler temperatures next week which will slow drying.
Central production areas will remain dry through the weekend.
Latest weather model suggests increased rain during second weekend of March.
Significant rainfall is expected in the far northern part of Argentina for the remainder of the week.
Driest areas are expected to remain dry over the next week.
Temperatures are expected to cool next week.
Frequent showers will benefit crop development but slow fieldwork.
Wheat export inspections disappointed while corn inspections beat analyst expectations.
Soybean export inspections met expectations
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