FI Morning Grain Comments 04/20/23

PDF attached

Good
morning. 

Follow
through selling is seen for the US soybean complex and grains from the resumption in Black Sea grain export inspections.
China ag futures were lower overnight. WTI crude oil was down more than $1.40, USD lower, and US equities lower. Parts of the dry areas of US HRW wheat country will see rain over the next five days.

Fund
estimates as of April 19

Weather

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR APRIL 20, 2023

• U.S.
  hard red winter wheat areas will have three opportunities for rain during the next ten days
• Southwestern
  areas are least likely to get meaningful rain
• West
  Texas will continue to miss out on much of the precipitation expected in the Plains, but a few showers will be possible
• U.S.
  Delta and southeastern states will be wet or become that way in the next seven days
• U.S.
  Midwest temperatures will be cool and precipitation periodic limiting fieldwork
• Snowstorm
  in Canada’s eastern Prairies will wind down today, but some of the snow is expected in northern and eastern North Dakota and northern Minnesota
• New
  storm in the upper U.S. Midwest tonight and Friday will induce more heavy rain, significant runoff and additional flooding
• South
  America weather appears to be mostly good, especially if rain falls in Mato Grosso as advertised
• Southwestern
  Europe and North Africa will remain drier than usual
• China’s
  southern Rapeseed areas will continue very wet
• Southern
  Australia is advertised wetter next week as a frontal system moves from west to east; the moisture will be good for future wheat, barley and canola planting
• South
  Africa will continue dry biased
• India
  will remain cooler biased with limited rain in this first week of the outlook; showers may increase in the last days of April
• Mali
  to Burkina Faso to remain drier biased for another five to six days and then some showers are possible
• Southeast
  Asia rainfall will be increasing in Indonesia and Malaysia and possibly in a part of the mainland production areas