6/29/17 - DNS futures just keep running and draging the rest of the wheat market higher with them. For a brief moment on the open Minneapolis was limit up, the daily limit is 60 cents, but backed off quickly after that. Canadian spring wheat acres are up slightly versus last year while durum acres are down 15%. There's actually more canola planted in Canada this year than wheat for the first time ever. Hot weather is also extending into southern Canada which is helping drive the DNS rally. Tomorrow is the stocks and planted acreage report from the USDA which comes out at 9:00 a.m. local time.
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. 6/27/17 Hot and dry weather has moved back into eastern Montana, the western Dakotas, and now southern Canada. DNS futures continue to rally on poor crop conditions. 2. 6/27/17 Winter wheat conditions have also declined in Nebraska, South Dakota, and Montana which may improve protein levels but lowering production. 3. 6/27/17 Ukrain lowered its estimated grain production by 2.5 million tons on drier weather. Northern Russian areas are reportedly a bit too wet. 4.6/27/17 Western Australia remains very dry but it is early as they have just seeded. 5. 6/7/17 At the end of the month the USDA will release their quarterly stocks report and final planted acreage for corn, soybeans, and spring wheat. Given the crop conditions for spring wheat are not great the market will be looking to see whether any additional acres were lost to soybeans versus the March projections.