THE WATCHLIST:
The Good Place
Most of the world’s crops either have good soil moisture or can soon expect some rainfall. From a weather perspective, crop prospects are good. US HRW wheat remains an exception, but even this issue might soon be resolved.
WHEAT
Some of the dry US HRW Wheat regions got a little rain last. Weather forecasters expect some more rain this week. Together, that rain presents a chance to halt the decline in crop yields. Warm temperatures, though, might work against such a halt. The HRW crops’ problems are well known, so their news value is likely modest, and thus so too is their market impact.
Other northern winter crops have adequate soil moisture and are likely in good condition.
Australia‘s winter crop regions have started seeing seasonal rainfall. Much of the east and south have now seen rainfall. Weather forecasters expect more rain there this week. Forecasters also expect seasonal rains to begin in the west over the next week or so. Perhaps the most region to watch is southern Queensland. Having largely missed out on rainfall to date, forecast rain for this week is much needed. Without that rainfall forecast, Queensland’s winter crop regions would have been Watchlisted.
COARSE GRAIN
Coarse grain crops continue to have no major issues for now. A modest proportion of Brazil‘s second-crop corn areas are very dry. The seasonal dry period needs to end for those crops. Importantly, most of Brazil’s second-crop corn is likely in good condition. The chances of an overall crop downgrade are thus slim. Northern summer crops mostly have supportive or better planting soil moisture.
OILSEEDS
Oilseeds lack any weather issues for now. Northern summer crop planting remains supported by mostly 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.
