FI Morning Grain Comments 10/27/22

Oct 27, 2022







PDF attached

 

Good
morning.

 

USD
is 78 points higher, WTI crude oil $1.36 higher and US equities mixed. US GDP was better than expected. USDA export sales were good for soybeans and all wheat, poor for corn and soybean oil and ok for soybean meal. Soybeans, meal and oil are high on follow
through fund buying. Corn prices are higher following strength in wheat despite a higher USD and lack of bullish news. US wheat futures (Chicago near session highs) are higher in part to Argentina’s potential move to limit exports during the beginning of the
crop year to ensure domestic supplies.

 

US
and South American weather forecasts were mainly unchanged from yesterday. The Great Plains have an opportunity for rain Sat-Mon. Parts of the US Midwest southwestern, central and southern areas will see rain sometime through Sunday. Argentina’s BA (drier
after today through Oct 29), Santa Fe and Entre Rios will see rain this weekend and Brazil’s central and northern growing areas will continue to get rain for the balance of this week. One weather group sees only 20 percent of Argentina seeing meaningful rain
over the next 5 days.

 

 

Weather

Map Description automatically generated

 

World
Weather, INC.

WORLD
WEATHER HIGHLIGHTS FOR OCTOBER 27, 2022

  • Argentina
    will experience frost and freeze conditions Monday and Tuesday that may damage some winter and early summer crops
  • Argentina
    rainfall will become very limited once again after showers occur in the east this weekend ahead of the big cold surge
  • Western
    Australia could see some frosty temperatures in the south early next week, but the odds are not high for damaging cold in that region
  • Eastern
    Australia rain frequency and intensity is expected to be less over the next two weeks than it has been, although rain is still expected and some areas will continue wet
    • Some
      net drying is anticipated, though, with today and Friday drier biased and the same will occur again during the middle to latter part of next week into the following weekend
  • U.S.
    weather will be relatively tranquil in this first week of the outlook, though rain will develop in a part of the southern Plains today and Friday before moving through the Delta and Tennessee River Basin this weekend
    • Some
      of this rain will also reach the lower Ohio River Valley Rainfall of 0.30 to 1.50 inches is expected from the Delta to the lower Ohio River Valley with a few greater amounts
    • North-central
      Texas and south-central Oklahoma will be wettest with another 1.00 to 2.00 inches of rain with local totals approaching 3.00 inches
    • Most
      of the northern and central Plains and northern and western Midwest will be dry for a week and then a more active weather pattern is expected
  • U.S.
    hard red winter wheat areas will get a restricted amount of rainfall during the next week with the exception of southern Oklahoma and north-central Texas
  • U.S.
    central and eastern U.S. weather will become more active Nov. 3-10 with moisture likely in the northern Plains and upper Midwest early in that period and then from the southeastern Plains into the Ohio River Valley in the latter part of that 7-day period
  • No
    serious changes in weather were noted today for Europe, CIS, China or India
    • Some
      rain will impact China’s Yangtze River Basin, but it will stay light and much greater amounts will be needed to ease dry

Source:
World Weather INC