Wake Up Call Allendale Advisory Center: Grain markets are higher as traders look for bargains. The large expected US crop is creating a headwind as traders look for answers on upcoming USDA Supply and Demand report. US Dollar is higher while crude oil and stocks are lower.
Allendale’s Weather Model which is based on the most recent weather data is currently projecting a 170.4 bpa for corn and 47.0 for soybean yields.
Wheat prices bounce off of contract lows and prices not seen since 2006. The large managed money fund position last week is expected to increase on Friday's CFTC report. Problems with EU wheat harvest and potential quality concerns are starting to tip the thinking that world buyers may have to come to the US eventually.