Welcome to the bulk food market news update. Ocean data is pointing to a increased chance that an El Niño will appear later this year. A spike in Pacific Ocean sea temperatures and the rapid movement of warm water eastwards have increased concerns that an El Nino weather pattern this year could be one of the strongest in several decades, an Australian climate scientist said. The warming of sea-surface temperatures in the Pacific affects wind patterns and can trigger both floods and drought in different parts of the globe, curbing food supply.![]()
The winter wheat crop is continuing to struggle. As the drought continues in the Midwest 39% of the wheat crop was rated poor/very poor up 5% from last week. Furthermore, in Kansas only 17% of the crop was rated good/excellent down four points from last week. Worst of all is Oklahoma, where only 6% of the crop is rated good/excellent and conditions are being compared to the Dust Bowl of the 1930s. The winter wheat harvest is likely to be the smallest since 2006 according to a survey of 20 industry analysts. Wheat has continued to rally, furthering the belief that a long-term low in in place.![]()
The winter wheat crop is continuing to struggle. As the drought continues in the Midwest 39% of the wheat crop was rated poor/very poor up 5% from last week. Furthermore, in Kansas only 17% of the crop was rated good/excellent down four points from last week. Worst of all is Oklahoma, where only 6% of the crop is rated good/excellent and conditions are being compared to the Dust Bowl of the 1930s. The winter wheat harvest is likely to be the smallest since 2006 according to a survey of 20 industry analysts. Wheat has continued to rally, furthering the belief that a long-term low in in place.
The market is looking for three triggers to push corn convincingly above the $5 threshold. The factors are: a dropping corn yield estimate, lower-than-expected corn acres and higher-than-expected feed usage. Corn has had a great rally but we will see how these factors play out over the growing season.
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