THE WATCHLIST:
June looms larger
Early June rainfall forecasts loom large for Brazil’s corn, and Australia’s winter crop, regions. And, yes, the US HRW wheat crop is still shrinking.
WHEAT
US HRW Wheat yields are likely to continue falling in the week ahead. Some parts of the region got a little rain last week, but high temperatures likely evaporated most of it. Weather forecasters expect little rain and somewhat cooler temperatures. The market’s crop forecasts are likely still falling. The extra news value, though, is likely modest.
Other northern winter crops have adequate soil moisture and are likely in good condition.
Australia‘s winter crop regions have started to see some rain. Rain in the south over the weekend is a good start. Forecasters expect much of the east to see some rain this week, albeit light in the north-east. The west, though, is likely to remain dry other than in the very south-east of the wheat belt. The west still has time. Rainfall for WA’s crop regions is usually modest until early June. Forecasts will start to emerge for that time later this week.
COARSE GRAIN
Coarse grain crops continue to have no major issues for now. Some of Brazil‘s second-crop corn areas are now very dry. This seasonal dry period needs to end on schedule, or worries will emerge. Northern summer crops mostly have supportive or better planting soil moisture. Australia’s dry barley regions remain on the back burner for now.
OILSEEDS
Oilseeds lack any weather issues for now. Northern summer crop planting is largely supported by good soil moisture.
Southern Summer Crops
Watchlist clear for now.
Northern Winter Crops
Southern Winter Crops
Watchlist clear for now.
Northern Summer Crops
Watchlist clear for now.
