Please mark your calendars. NWGG pre-harvest meeting and high rainfall plot tour is scheduled for June 21, 2017. In addition to our regular agenda we are also inviting some of our friends from the grain industry this year and will be applying to WSDA for pesticide credits. We will provide more information as it becomes available.
Check out our 2017 Spring Seed newsletter under the newsletter button on the left hand side of your screen.
5/25/17 - Wheat futures are rallying ahead of the long weekend most likely on some short covering by speculators and continued wet weather for the corn belt, corn futures are also higher this morning. The USDA will release corn crop conditions on Tuesday next week for the first time this year which will garner most of the interest next week. The Dakotas are getting a bit dry which has some people beginning to think about spring wheat yields being affected but it's early. Have a safe and happy three day weekend!
The Weekly Top Five
These are the 5 biggest issues that NWGG feel are affecting today's markets and items to watch for as we progress through the year.
1. 5/17/17 Kansas winter wheat conditions did not decline this week versus last week which was negative for prices. At this point the market is looking at the damage caused by the blizzard at the beginning of May as being factored into the market. 2. 5/17/17 Planting progress for corn, soybeans, and spring wheat have caught up to the 5 year average after a slow start due to wet weather. 3. 5/19/17 Speculators in wheat futures covered a significant portion of their short position on the rally after the weekend blizzard and are now short 150k contracts in Chicago vs. a record short of 188k a few weeks ago. 4. 5/17/17 The dollar has broken support and has traded to levels not seen since prior to the election which is benneficial to commodities. 5. 5/17/17 Upcoming report dates: June 9th USDA monthly supply and demand report, June 30th quarterly stocks and final planted acreage for corn, soybeans, and spring wheat.