FI Morning Grain Comments 01/23/23

PDF attached

 

Good
morning.

 

USDA
under its 24-hour reporting system announced 192,000 tons of soybeans were sold for delivery to unknown destinations.

 

CBOT
agriculture markets are lower this morning after Argentina received good rains over the weekend. With many Asian countries on holiday, news was light. China is on holiday all this week. Malaysia is on holiday, back on the 25^th. Grains are lower
led by KC wheat after the US saw a few storm rolls across the winter wheat region over the past 10 days. There were no major global import tender announcements over the weekend. CBOT February options will expire Friday.

 

 

Weather

The
morning forecast showed improvements for Argentina and the US. Argentina received good rains over the weekend that will benefit crops. Amounts ranged from 0.60 to 1.50 inches, locally up to 2.00 inches. Additional rain will occur across Argentina later this
week and early February. We think the decline in crop conditions should stall. Southern Brazil saw some rain over the weekend, including the southern dry state of RGDS. Rest of Brazil saw beneficial rains but harvesting progress for soybeans likely slowed.
The US Great Plains will see snow favoring KS, OK, and northern Texas Tuesday.

 

Argentina
1-7 and 8-14 day

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World
Weather Inc.

 

World
Weather Inc.

 

 

World
Weather, INC.

WORLD
WEATHER HIGHLIGHTS FOR JANUARY 23, 2023

• Argentina
  drought relief continued Friday into Saturday with rainfall of 0.60 to 1.50 inches common and local totals of more than 2.00 inches
• The
  moisture improved topsoil conditions, but much of the nation remains quite dry and in need of additional moisture
• Argentina
  will receive additional rain during the next week to ten days to further the improving trend; however, the precipitation this week will be greatest in the north and west leaving lighter and less frequent rain in the east and far south
• Eventually
  all of Argentina will get additional rain and dryness like that of earlier this month is not very likely again – at least not for a while
• Brazil
  weather will continue favorably moist in many areas, but a part of center south crop country will remain a little too wet while portions of Rio Grande do Sul will be a little too dry
• U.S.
  hard red winter wheat areas received needed snow during the weekend with Kansas and eastern Colorado getting widespread snowfall with moisture totals of 0.10 to 0.70 inch with one location in Colorado getting 0.88 inch
  
• Last
  week’s two snowstorms will lead to improved topsoil moisture as the snow melts later this season
• A
  new snowstorm will impact Oklahoma and the Texas Panhandle tonight and Tuesday with 2 to 8 inches of accumulation expected in wheat production areas
• Snow
  is expected in the northwestern U.S. Plains this week to help protect winter wheat from the coming colder weather
• Precipitation
  will be widespread in the lower and eastern U.S. Midwest, Delta and southeastern states during the next ten days
• India
  will receive some needed moisture late this week and into the weekend to help pre-reproductive winter crops establish better just ahead of reproduction
• Eastern
  Australia will get rain later this week into next week that will benefit dryland summer crops