Grain Insights

Central and Southern Plains Wheat Beginning Spring Growth over Next Two Weeks

Highlights

• Wheat lower in the overnight on higher crop ratings.

• Time is running out for NAFTA deal.

• Strong wheat and soybean inspections.

• Exporters sell 120,000 metric tons of Soybeans for delivery to China during the 2017/2018 marketing year. -USDA

South America

• Weather model for Argentina mostly unchanged with some rain expected over the weekend but strong precipitation is expected to be localized.

• Brazil precipitation continues to delay fieldwork in central and north eastern regions. Driest areas in south are expected to receive some precipitation starting next Monday.    

HRW Wheat Conditions

• USDA released weekly state crop conditions reports on Monday.

• Kansas HRW wheat rated good-to-excellent increased to 13 percent from 12 percent in monthly report.

• Oklahoma HRW wheat rated good-to-excellent increased to 6 percent from 4 percent in the monthly report.

• Texas HRW wheat rated good-to-excellent increased to 10 percent from 4 percent in the monthly report.

NAFTA Talks

• U.S. Trade Representative Robert Lighthizer says that talks have not advanced in the way they had hoped and that time is running out.  

• The trade representative expressed that he would prefer a three way NAFTA deal, but is prepared to move to a bilateral basis if no agreement can be made.

U.S. Weather

• Evening GFS model increased precipitation to between .2 to 1 inch during the middle of next week across West Texas, Oklahoma, eastern Kansas and eastern Nebraska.

• The latest model also suggested increased precipitation throughout the corn belt late next week.

• The winter storm dropped between 4 to 11 inches throughout Montana, North Dakota, South Dakota and western Minnesota. Moisture should help increase topsoil moisture to areas considered to be in moderate drought.  

Australian Wheat Production Expected to Rise

• Australian Bureau of Agriculture, Resource Economics and Rural Sciences forecasts Australian 18/19 wheat production will increase to 23.7 MMT from 21.2 MMT last year.

• Forecast cited La Nina conditions expected to increase precipitation to Australia's eastern coast.

Weekly Export Inspections

• Strong wheat and soybean export inspections while corn inspections disappoint expectations.

 

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