U.S. HRW Wheat 70% in Drought with NO Rain for 5 days + More Frost!

[AgrivilleAdmin]

NOAA reported that U.S. HRW wheat was 70% in a drought ties the 2022 drought! USDA crop progress reported 47% of the HRW wheat in poor/very poor. The weather forecast looks wet and cool for the U.S. Midwest with snow for the Canadian Prairies.
Central Brazil Safrinha corn crop looks dry for the next 2-weeks.
Rumors that China was looking to but old crop U.S. soybeans out of the PNW. Kalsi (betting platform) has entered the commodity space with bets of where corn futures will be in the future.
Trump extended the Iran ceasefire indefinitely, but blockade remains while the ceasefire with Isreal and Lebanon was extended by 3 weeks + CFTC.

[MoeAgostino]

Do you think we are buying more canola, spring wheat and cotton acres with the run up in futures? How is your local U.S. HRW crop looking?

[furrowtickler]

I think there will be little change in crop plans to wheat or canola .
definitely to barley and oats in the parkland area in Sask as it’s full winter yet again

[errolanderson]

Is wheat starting to rock? MWE resistance breaks.
errolanderson.substack.com

[makar]

And the price to me drops graincos are eating most future increase in basis.

[Hamloc]

Is wheat starting to rock? MWE resistance breaks.
errolanderson.substack.com

An optimistic post from Errol. Certainly a change.

[Sodbuster]

I rolled the dice and flipped my wheat contracts to July, but as far as buying wheat acres I don’t think it will make a difference. We’re still talking less than $9 wheat versus $16 canola, I’ll seed canola.

[ajl]

And the price to me drops graincos are eating most future increase in basis.

Soon we have a $7 futures and a $-8 basis. How much does the industrial carbon tax contribute to this fiasco.