- Tuesday has seen mixed trade with prices trending higher towards the last hour in Chicago. The last day before the April WASDE report is seeing little enthusiasm for fresh spec positions as most are anticipating increased export numbers in both corn and soybeans which will equate to lower end stocks. However, this will be currently priced into markets, and it will therefore be the extent to which exports are increased that will impact price direction.
- Central US temperatures are rising which will bring soil temperatures to a more favourable level to permit field work, sowing and hopefully good germination conditions.
- US wheat conditions wer
e not released by the USDA yesterday, as expected although some states did produce data. Of note, Kansas, the leading wheat state, good/excellent rating at 29% is fifth lowest on record (27 years) following prolonged dry conditions over the winter. Rainfall is much needed in the state if the crop is to improve although the weekly weather outlook is not particularly encouraging.
- In Eastern Russia and Ukraine the weather forecast is calling for rains which are needed as the region has been drier than usual over the last six weeks or so.
- We will update on the USDA figures tomorrow evening.