PDF Attached

 

Private
exporters reported sales of 112,800 metric tons of corn for delivery to unknown destinations during the 2022/2023 marketing year.

 

Wide
trading range today for the soybean complex and grains. Short covering, bottom picking and positioning ahead of the USDA reports supported most markets. Outside markets such as WTI crude oil lent support. Look for a choppy trade through Thursday. Friday is
USDA report day.

 

Fund
estimates as of March 27

 

Weather

 

World
Weather Inc.

WEATHER
TO WATCH

  • A
    band of heavy rainfall occurred overnight last night from central Louisiana through central Mississippi, central Alabama and central Georgia ending in central South Carolina
    • Amounts
      ranged from 2.00 to more than 5.43 inches with a few totals over 7.00 inches resulting in some flooding
    • This
      band of heavy rain was also a part of the severe weather outbreak that occurred Saturday into Sunday
  • Nebraska,
    northern Kansas and northeastern Colorado received snow and rain during the weekend
    • Most
      of the precipitation was light varying from a few hundredths of an inch to 0.20 inch; however, northwestern Kansas, northeastern Colorado and southern Nebraska wheat areas received 0.15 to 0.45 inch of moisture with local totals as great as 0.95 inch in southwestern
      Nebraska
    • Snowfall
      ranged from 2 to 10 inches most of which occurred from northeastern Colorado and northwestern Kansas through southern and east-central Nebraska
    • Central
      Oklahoma reported moisture totals to 0.10 inch with a local total of 0.33 inch on the eastern most fringe of wheat country
    • The
      southwestern Plains were dry
  • Heavy
    snow also fell from east-central Iowa and northwestern Illinois to eastern Wisconsin and northern Michigan Friday into Saturday with 21 inches at Kimberley, Wisconsin and 5 to 17 inches common
  • Cold
    air will be over the northern and central U.S. Plains this week with freezes from the Texas Panhandle into Canada with readings in the positive and negative single digits Fahrenheit likely in the far northern Plains where normal low temperatures should be
    in the 20s at this time of year.
    • Extreme
      lows Wednesday morning may drop to near -10 Fahrenheit as far south as northern and eastern North Dakota
  • North-central
    United States (northern Plains and upper Midwest) will remain much colder than usual for the next ten days
    • Some
      warming is expected Thursday and again during the weekend that may induce a little snowmelt
    • Temperatures
      will also be cooler than usual in the western United States during most of this period
    • The
      southeastern United States will experience waves of warm weather
  • U.S.
    southwestern Plains; including West Texas, the Texas Panhandle, southwestern Kansas and southeastern Colorado (the southwestern hard red winter wheat region) are unlikely to receive significant rain in the next ten days
  • U.S.
    rainfall is still advertised to be frequent in the Midwest, Delta and interior southeastern states during the next ten days
    • The
      environment will not support fieldwork very well and some drier and warmer weather may be needed soon to get farmers into their fields during the ideal planting time
  • Flood
    potentials remain very high in the upper Midwest and Red River Basin during April as warmer temperatures and rain combine to melt snow and create some significant runoff.
    • A
      frequent succession of weather systems will return to the northeastern Plains and upper Midwest late this week and continue into next week
      • The
        first large storm may impact South Dakota and portions of both Minnesota and southeastern North Dakota late this week with significant rain and snow
        • North
          Dakota, Montana and northwestern Minnesota will not see nearly as much precipitation as the above areas
      • A
        second storm is possible early to mid-week next week
  • Dryness
    in the interior U.S. Pacific Northwest will remain while snow impacts the mountainous region surrounding the Yakima Valley and north-central Oregon
  • South
    Texas, the Texas Blacklands and the Texas Coastal Bend region will get some rain later this week into next week
  • California’s
    heavier precipitation events should be over , although light precipitation events will continue to come and go periodically
    • Flooding
      in California later this spring could be significant in a few areas as water reservoirs reach full capacity warranting a spillage of water through dams as mountain snowmelt reaches the storage facilities
  • Canada’s
    Prairies will continue drier than usual this week especially in the interior southwest where there is need for significant precipitation this spring in order to support planting and early crop development.
    • Precipitation
      is expected to increase during April
  • Mexico
    drought will continue into April, although there will be some periodic opportunity for rain in eastern parts of the nation starting at mid-week this week and lasting into next week
  • Argentina
    took a break from significant rain during the weekend and that break will continue through Thursday allowing recent moisture to percolate down into the ground
    • Late
      season, immature, crops will benefit from the recent rain and this week’s sunshine to promote more aggressive crop development
      • Most
        of the crop improvement will be in a very small portion of the production region.
    • Drier
      weather this week will be good for improving early season crop maturation and early season harvest progress
  • Argentina
    rainfall will begin to ramp up again during the late week and weekend with the greatest rain expected next week
    • Drought
      will be eased additionally by next week’s rain and some crop improvement will continue, but the nation’s total production cannot recover very well from the horrific impacts of heat and dryness during much of the growing season
  • Good
    drying conditions occurred in Brazil during the weekend favoring late season soybean and first season corn harvesting
    • Rice
      maturation and harvesting advanced as well and some improvement in sugarcane, coffee and citrus development also occurred
    • Early
      season wheat planting advanced in parts of the interior southeast
  • Brazil
    weather over the next two weeks will include scattered showers and thunderstorms
    • Much
      of the rain will be light and may not counter evaporation very well
      • Some
        net drying will occur, but most areas will remain favorably moist except northern and eastern Minas Gerais and Espirito Santo to interior Bahia where dryness will prevail
    • GFS
      model is still trying to increase precipitation during the second week of the outlook
      • World
        Weather, Inc. does not believe there is much reason to expect monsoon rain to completely withdraw before mid-April
  • Abundant
    rain is expected in Brazil’s Amazon River Basin as well as Peru, Colombia and surrounding areas
  • Far
    southern China received heavy rain during the weekend with some flooding suspected
    • Rainfall
      of 3.50 to nearly 13.22 inches occurred from eastern Guangxi through southern Hunan and Guangdong to southern Zhejiang and Fujian
      • Rainfall
        diminished northward to the Yangtze River while most other areas in China were dry or mostly dry
    • Temperatures
      were mild to cool biased
  • China’s
    rain through this workweek will be mostly limited to areas near and south of the Yangtze River and amounts of 2.00 to 6.00 inches will result with the southern coastal provinces wettest
    • Other
      areas in China will be dry with a warming trend likely and temperatures rising above normal in a few days
    • Additional
      flooding may impact a part of the far south
      • Some
        of the moisture will be good for future rice planting and development, but fieldwork of all kinds will be delayed by the rain
  • China’s
    southern rain will shift northward impacting many crop areas in east-central and northeastern China during the weekend and more likely next week
    • Moisture
      totals will be greatest in the Yangtze River Basin, but some welcome moisture may reach the Yellow River Basin and North China Plain for a brief period of time.
  • Northern
    Pakistan and far northern India received rain during the weekend
    • Moisture
      totals varied from 0.25 to 1.25 inches
      • Wettest
        in interior northern Pakistan, Punjab, Haryana, northern Uttar Pradesh and a parts of both Uttarakhand and western Himachal Pradesh
        • A
          few amounts reached over 2.00 inches
      • Wheat
        quality was at risk along with a few other winter crops
    • Other
      areas in India were either dry or mostly dry
  • Northern
    India and Pakistan are likely to see another wave of light rain late this week with 0.10 to 0.65 inch of moisture resulting
    • That
      will be sufficient to keep pressure on wheat and a few other winter crops in the far northern parts of India
    • Crops
      elsewhere in India should fill and mature normally with some early harvesting under way and it will increase during April and May
  • North
    Africa is warming up while staying dry
    • No
      precipitation fell during the weekend and high temperatures were in the 70s and lower 80s
    • Heat
      and dryness are cutting into production potentials
    • Another
      week of dry or mostly dry weather is expected before rain chances may improve in a part of the region
    • Showers
      will be possible next week, but resulting rainfall does not look to be very great leaving a need for greater precipitation, despite a little relief in some areas
  • Europe
    will experience waves of rain over the next ten days to two weeks
    • Eastern
      Spain will remain one of the driest areas in the continent for a while and temperatures will be warmer than usual throughout the next ten days possibly threatening dryland winter crops and some of the planting of spring crops
    • Abundant
      moisture is likely elsewhere with “some” relief to dryness in Romania and the lower Danube River Basin during the second week of the outlook
  • West-central
    Africa precipitation will be erratically distributed over the next few days, but it may increase next week
    • Recent
      precipitation has been erratic with some areas getting plenty of rain and others need more
    • Rain
      is expected periodically throughout the next couple of weeks with most areas getting at least some rain
      • Some
        of the rain will be locally heavy  
  • Australia
    rain fell in both Western Australia and near and east of the Great Dividing Range during the weekend
    • Some
      rain fell in southeastern Queensland as well
    • Moisture
      totals varied from 0.15 to 0.79 inch with local totals over 1.00 inch
  • Australia
    rainfall will be limited for a while this week, but it will increase in the east next week
    • The
      change will be good for a few late season crops, but drier weather may be needed to protect early maturing cotton in the open boll stage
  • Central
    America rainfall will be greatest in Guatemala and from Costa Rica to Panama during the next ten days
    • Net
      drying is likely in portions of Honduras and Nicaragua
  • South
    Africa crop weather has been very good this year, although portions of the nation are drying out now and the trend may continue for a while
    • Early
      season maturation and harvesting should go well
    • Late
      season crops will need some beneficial moisture later this season
      • Rain
        prospects are fair over the next ten days, but the precipitation should be erratic and often lighter than usual
  • Southeastern
    Canada’s corn, wheat and soybean production region is favorably moist and poised for a good start to spring, although fieldwork is still a few weeks away
  • Turkey
    will receive frequent bouts of rain over the next ten days bolstering soil moisture for wheat development and rice and cotton planting
    • Portions
      of the nation are already wet after recent rain and mountain snow
    • Other
      spring planting will benefit from the coming moisture boost
  • Other
    areas in the Middle East have been experiencing a boost in precipitation
    • This
      week’s precipitation will be greatest in Turkey, Iraq and western Iran
  • Improving
    soil moisture throughout the Middle East is improving rice and cotton planting prospects (among other crops) and winter wheat conditions are improving
  • Philippines
    rainfall will be light to locally moderate most days through the coming week
    • Weather
      conditions in the next ten days should be mostly good for the nation, although the south may eventually turn quite wet
  • Indonesia
    and Malaysia rainfall will occur abundantly during the next two weeks with all areas impacted and no area experiencing much net drying
  • Mainland
    areas of Southeast Asia will experience a general boost in precipitation this week and next week which is normal at this time of year.
    • Recent
      temperatures have been heating up while it has been dry and that, too, is typical of this time of year ahead of the coming monsoon season
  • Eastern
    Africa precipitation is expected to scatter daily from Tanzania to Ethiopia over the next ten days
    • The
      moisture will be good for ongoing crop development
  • Today’s
    Southern Oscillation Index was -0.03 and it was expected to move erratically over the coming week

Source:
World Weather, INC.