Prices 11/4/17
Canadian sowing conditions are less than ideal in many locations. Heavy snow melt is creating water logged fields generally across the northern portions of the crop belt in central Canada. A quick look at the weather map also shows that rainfall across the same area is expected to be heavier than usual over the next week or so. It’s early days yet but keep an eye out for planting delay reports in central and northern Saskatchewan in the coming weeks.
The conditions around the Black Sea are much better with field work progressing nicely across most of the Ukraine. They are forecasting a big sunflower plant which is just getting underway and should finish up with around 5mha sown.
In South America we see Argentina about 30% of the way through soybean harvest. The forecast there is showing drier weather is on the way, this will be most welcome after falls of up to 600% above the normal for this time of year have plagued the start of harvest in central Argentina.
In the USA we see some short covering in the wheat pit prior to Tuesdays USDA report. The average trade guess for world ending stocks is about 250mt, up 10mt on last year. If we see any major deviation from this trade estimate it may trigger further short covering and a spike in nearby wheat futures later in the week.
There isn’t a lot driving this market other than the USDA report this week. No news on Libya durum tender yet.