Weather - General
After waiting months for much-needed moisture, heavy rainfall is turning early-summer fieldwork into a high-stakes scramble for some Midwest farmers.
Jim McCormick of AgMarket.Net says the grain market has taken out premium tied to weather, war and China.
Scott Varilek with Kooima Kooima Varilek says the cattle market saw some pre-weekend positioning and was also trading news that a JBS beef slaughter plant in Pennsylvania was closing.
NOAA officially declared El Niño on Thursday and says the climate pattern has a 63% chance of reaching “very strong” status by fall, potentially shaping U.S. weather through harvest and winter.
The row crop and cotton markets saw some early support Thursday from a rally in crude oil as doubts about the peace deal with Iran came into question.
Grains markets were mostly higher Thursday morning except hard red winter wheat following a bounce in crude oil says Mike Minor with Professional Ag Marketing.
Corn and wheat futures saw more fund selling and long liquidation end of month but it was triggered by war headlines. Chuck Shelby with Zaner Ag Hedge says those markets continue to remove risk premium.
Mike Castle of StoneX says corn and soybeans added some war premium on Friday but are trading under recent highs. What could trigger a rally to retest those prices?