- We have seen another day without bullish input or fresh news of significance, consequently prices have wavered and eventually settled a touch lower in Chicago.
- Avian flu dominates discussions and the lack of US export demand follows a close second. The desperate bulls continue to talk of the potential Brazilian truckers strike but their voice is not being heard in the markets right now.
- EU and Russian weather patterns and forecasts are improved and corn is being seeded into favourable soil moisture with forecasts suggesting further rain. Observers are suggesting that early spring weather is almost ideal and crops are responding accordingly. Forecasts as far out as 5th May remain favourable and (as we have previously mentioned) Russian crop forecasts are rising.
- Global grain markets are stable with fresh news lacking and end users are reluctant to extend cover forward whilst spring sowing is under way. As plantings progress it will likely raise pressure on farmers to sell remaining stored stocks.
- StatsCan is scheduled to release their April planting survey tomorrow, and the expectation is that we will see expanded wheat, canola (rapeseed) and soybean areas.
- If things continue “as is” it adds up to no lack of grains and likely much lower harvest time prices.