FI Morning Grain Comments 04/25/23

PDF attached

Good
morning. 

Weaker
soybean complex on light selling, slowing US demand for soybeans, and mostly lower lead from outside markets. Palm oil hit a one week low. The US energy markets are lower and USD higher. There were no surprises in USDA’s crop progress report. Rain will fall
across CO, KS, NE, and northern Texas through Friday. The Midwest will see rain through Friday,  then again eastern areas later this week. Most of Brazil’s second corn crop growing areas will see rain one time or another this week. Corn futures are lower on
improving US weather and steady US corn planting progress. Wheat
is mostly lower (Chicago and KC) but poor US crop conditions are limiting losses.

Fund
estimates as of April 24

Weather

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR APRIL 25, 2023

• Rain
  will develop in U.S. hard red winter wheat areas today and continue periodically through Friday
• Relief
  from long term drought is expected
• Follow
  up rain is expected in the U.S. Central and southern Plains during May
• West
  Texas will not get much rain from this week’s rain, but showers and thunderstorms are expected to increase with time during May
• U.S.
  temperatures in the Plains and eastern states will be below normal over the coming week with eastern parts of the nation still cooler biased next week
• Cool
  conditions and periodic precipitation will keep spring fieldwork slow, but it will be good for wheat development
• No
  changes in South America weather were noted overnight
• Drought
  continues in Spain and North Africa with little opportunity for change
• The
  remainder of Europe and the western CIS is experiencing great spring weather
• Kazakhstan
  and southern parts of Russia’s eastern New Lands are drying down, but the environment is great for spring planting
• China
  weather will continue favorable for winter and spring crops the next two weeks
• India
  will experience some harvest disrupting showers and thunderstorms during the next ten days; temperatures will be milder than usual in parts of the nation
• Southern
  Australia precipitation is expected to be sporadic for a while with southeastern areas wettest
• Interior
  Western Australia will need greater rain in May
• Cotton
  areas from Mali to Burkina Faso remain drier than usual and rain is needed for planting
• Recent
  showers in Thailand and Vietnam has eased some dryness, but more rain is needed