Market News

Wheat supported by weather concerns

Soybeans were modestly lower on commercial and technical selling. Soybeans are watching the tail end of Brazil’s harvest and Argentina’s harvest is picking up steam thanks to drier weather. The market’s wary about the potential for increased U.S. acreage because of the slow corn planting pace, but it is still early. Soybean meal was higher and bean oil was lower, adjusting product spreads. The USDA’s monthly crush numbers are out Monday.

Corn was lower on profit taking and technical selling. Corn’s also watching South America, with good harvest conditions in Argentina and good development weather for Brazil’s second crop. Friday’s forecasts had more planting delaying rain, but it is still fairly early in the season. Ethanol futures were lower. Weekly export inspections are out Monday at 11 AM Eastern/10 AM Central. The USDA’s attaché in Canada projects 2017/18 corn production at 12.847 million tons.

The wheat complex was modestly higher on short covering and technical buying, along with the weak dollar. Heavy rainfall could damage some of the U.S. winter crop and spring planting is slower than average in the Northern U.S. Plains and Canada. A major wheat tour in the Plains starts this coming week. The USDA’s weekly crop progress and condition report is out Monday at 4 PM Eastern/3 PM Central. The USDA’s attaché in Canada sees 2017/18 wheat production at 28.6 million tons, down 10% from 2016/17, with exports of 21 million tons. Algeria purchased 250,000 tons of optional origin durum.

  • Hello John,

    I too am John Perkins although I go by Mark as my full name is John Mark Perkins. I farm in east central Alberta at Wainwright, growing spring wheat, canola, barley , peas, faba beans, spring triticale, and flax. I am a third generation farmer. My grandfather homesteaded in 1908 and my father , Frederick John Perkins continued farming for his lifetime and now my brother and I and our families are still growing grain on the original homestead and a bunch of other land as well.
    I am getting some new crop wheat priced with the weather rally currently happening in your country. Take care.

    Mark Perkins

    • Always good to hear from another John Perkins! Thanks for the interest and you take care as well!

    • Thanks for reaching out! Good to meet another John Perkins.

      Julie Harker
      News Director
      Brownfield Ag News

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