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Good
morning.
 

 

USD
was 57 points higher, WTI crude up 59 cents and US equities lower.
Later today EIA may release biofuel February production and Monday NASS will
update US March crush which we expect to be a record for the month. Some CBOT agriculture commodity futures are higher from technical buying after sustaining heavy losses since mid-last week. Corn turned lower on lack of fresh fundamental news and expectations
for additional corn commitment cancellations by China. Chicago wheat is mixed, KC higher, and MN higher. Soybeans and meal are higher, rebounding from heavy losses that started around April 19. Soybean oil turned lower. CBOT FND day deliveries for soybean
oil were 199 with one commercial stopper of 125. There were no soybean or soybean meal deliveries. Offshore values were leading SBO higher by about 83 points this morning (220 higher for the week to date) and meal $1.60 short ton higher ($5.60 higher for the
week). There were no CBOT corn FND deliveries. The US Midwest will see rain bias northeastern areas today, central areas over the weekend, and again northeastern areas Monday through Tuesday. Brazil north central and northwestern areas will start to dry down
next week after seeing rain on and off through Tuesday. Global export developments were light. Later today final results on Algeria’s wheat import tender should be out. Chicago wheat deliveries were heavier than expected. For the US Great Plains, precipitation
will favor southern MN, eastern NE, much of KS and OK, and eastern TX today. Much of the Great Plains will be dry Sunday through Tuesday.

 

Fund
estimates as of April 27

 

 

 

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World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR APRIL 28, 2023

  • Unusual
    warmth will occur in the western North America during the next week to ten days with high temperatures expected in the 70s and possible in the lower 80s as far north as Canada’s western Prairies
    • The
      heat in western Canada will come with a strong wind and will induce notable drying resulting in more serious concern about drought in east-central and southern Alberta and west-central and some interior southwestern Saskatchewan locations
  • Warming
    will be slow to occur in the U.S. Midwest during the coming week. cool conditions and some showers in the north will be a concern over soil temperatures, but precipitation will slowly become lighter overtime and farmers will likely plant more aggressively
    as soon as it becomes obvious that warming is coming
  • Additional
    showers will fall in U.S. hard red winter wheat areas today into Saturday morning with a couple of frontal systems expected to bring showers a thunderstorms infrequently next week
    • Greater
      rain is still needed in most of the high plains region; including all of Nebraska and some northern Kansas and northeastern Colorado locations into the Texas Panhandle
      • Oklahoma
        experienced the greatest relief from dryness through this week’s rain
  • West
    Texas cotton areas will continue to struggle with dryness over the next ten days, despite a few showers
  • California
    will start to trend wetter again next week and the wet weather will linger into the following week
    • Significant
      warming will induce some notable snowmelt for a while in this coming week
  • U.S.
    Delta and southeastern states will remain plenty moist with alternating periods of rain and sun
  • Iowa,
    South Dakota, Nebraska, Missouri and Illinois rainfall will be restricted over the next ten days
  • Not
    much change was noted in South America overnight
  • A
    little more shower activity is advertised for parts of Spain late next week into the following weekend, but relief from dryness will be restricted in the south
  • North
    Africa will get some shower activity, but not enough to seriously change soil or crop conditions – many areas are still too dry
  • Kazakhstan
    and southern and some eastern portions of Russia’s eastern New Lands will continue to dry out and heat up during the next ten days – some 80-degree Fahrenheit temperatures are expected
  • Western
    Russia (west of the Ural Mountains) and eastern Ukraine as well as Russia’s Southern Region will trend wetter over the next ten days
  • Unusually
    active weather is expected in India over the next ten days raising harvest concerns for some winter crops
  • Southeastern
    China will trend much wetter again for a while next week
  • North
    China soil moisture will be favorable except in Liaoning, eastern Shandong and some areas north into interior eastern Inner Mongolia
  • Eastern
    Australia will get some rain today and early Saturday; Western Australia will be dry for at least another week
  • Indonesia
    and Malaysia will continue plenty wet for the next ten days

Source:
World Weather, INC.