Prices 4/1/18


In the USA wheat futures dragged both corn and soybeans higher. The moves higher are not huge but did happen against a strengthening US dollar which is more than they have been able to do in recent sessions.
Volume in the wheat pit was a result of some shorts being covered as the recent weather scare clears a few punters out. The return of fund money after the break also helped liquidity. The lack of moisture on the plains is creating more concern than the wintery weather but both could be quickly forgotten with a better spring.
Through the winter, crop rating are monthly in the USA. Last night saw the December ratings fall sharply for some key winter wheat states. In Kansas the top HRW producing state the Good / Excellent rating slipped to 37% a fall of 14% month on month and the lowest December rating since 2012. Topsoil moisture in Kansas was very low and is the major concern at present.  Further south in Oklahoma and Texas conditions are even worse. Some parts of Texas have suffered serious emergence problems.
There’s not a lot of talk about winter kill just yet but with only minimal snow cover across much of the south of the great plains and snow falling as far south as the Louisiana Gulf it’s just a matter of time before reports begin to filter in.
Further north where there is ample snow cover crop condition rating have improved. The snow will also add good moisture. The Dakotas and Nebraska both saw rating for wheat increase month on month.
Temperatures across Kansas are expected to remain below the January average for the rest of the month.