WEATHER
Darin Newsom, Senior Market Analyst for Barchart, says it could just be an oversold bounce as the equity markets have reached bear market territory and that stabilization is helping to firm up the grain and especially the livestock futures.
On the last day of winter, blizzard conditions are impacting beef producers in Nebraska and Kansas.
Joe Kooima of Kooima Kooima Varilek says cattle and hogs both saw gap higher openings and are seeing triple digit gains with help from the cash. Corn is higher following wheat, while soybeans lag.
Don Roose, U.S. Commodities says corn and wheat end lower with soybeans higher Friday evening up positions ahead of the weekend.
Southern California’s prolonged dry spell — nearly eight months with negligible rain — is straining agriculture and raising concerns about wildfire risks.
CPC said, “Weak La Niña conditions would be less likely to result in conventional winter impacts, though predictable signals could still influence the forecast guidance.”
The latest data from the eastern equatorial Pacific Ocean continues to show very little reason to expect a full blown La Niña in the next few months.
DuWayne Bosse of Bolt Marketing says pressure in grains is coming from a higher dollar, lower crude oil, Trump’s political appointments and weather.
While some atmospheric factors have displayed La Niña-like signals, ENSO-neutral conditions persist, according to the Australian Bureau of Meteorology.
Mark Schultz with Northstar Commodity says strong demand continues to support corn and soybeans but it hasn’t been enough to push prices above chart resistance.