FI Morning Grain Comments 04/06/23

PDF attached

Lower
trade in corn and soybean complex while US wheat was mixed at the electronic break. USD is higher, WTI crude slightly lower and US equities lower. USDA export sales showed a couple new-crop commodity cancellations by China. Other news is light pre-holiday.
Note some countries will be off on Monday in addition to Friday. CME trading hours:
https://www.cmegroup.com/tools-information/holiday-calendar.html

Fund
estimates as of April 5

Weather

Map

Description automatically generated

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR APRIL 6, 2023

Dryness
will continue in North Africa, Spain and Portugal during the next ten days with some expansion into southern France

The
region will also be warmer than usual

Drying
is also expected in the U.S. Midwest where temperatures will rise above normal firming the soil and improving spring planting prospects in the lower Midwest as well as the U.S. Delta
Flooding
will begin in north-central U.S. from eastern North Dakota and northeastern South Dakota to upper Michigan and parts of Wisconsin in this coming week as snowmelt occurs more aggressively in response to warmer temperatures
Canada’s
Prairies will experience warmer temperatures and a significant amount of snowmelt during the coming week as well
U.S
Delta and southeastern states will be too wet for a while through the weekend and into early next week before welcome drying and warming occurs later next week
Western
portions of the U.S. hard red winter wheat region will stay drier than usual through mid-month
Showers
and thunderstorms will develop from central Texas to eastern Kansas, Missouri and Iowa during the second half of next week and more likely in the following weekend
Argentina
will experience net drying in this coming week
Brazil’s
center south crop areas will get some welcome rain over the next week to ten days boosting topsoil moisture for Safrinha crop use after the monsoon withdraws later this month
China’s
winter and spring crop area in the Yellow River Basin, North China Plain and areas to the south should have favorable conditions for planting over the next two weeks, although there will be some additional rainfall periodically
Western
Russia will benefit from drier weather over the next week to ten days after becoming quite wet recently from rain, snow and melting snow
Ukraine,
Belarus and Russia’s Southern Region will experience periods of rain that will saturate the soil and delay spring planting, but the moisture will be very good for future crop development