The Buzz: Watch Out for Next Week's Weather Forecasts
No big surprises in USDA report; markets hinge on weather over holiday weekend.
Compiled by staff
Published: Apr 9, 2009
USDA's April crop reports didn't provide much in the way of surprises, which may mean it's time for the market to focus on growing season weather, according to the Farm Futures marketing team, which discussed the outlook on this week's edition of The Buzz.
Market Analyst Arlan Suderman says futures trading next week could hinge on how the forecasts look on Sunday night, when markets reopen after the long Easter weekend. If the outlook is wet for the Corn Belt, fears of planting delays could begin to take hold.
Weather looked like it might be the story in the wheat market this week, but prices showed little reaction to subfreezing temperatures in Colorado, Kansas and Oklahoma. Suderman, who's based in Wichita, says it typically takes quite a while before the extent of damage is known.
Senior Editor Bryce Knorr noted that wheat, like corn and soybeans, has remained rangebound. May soybeans was able to move above $10, but has not been able to take the next step for a more substantial rally.
To watch The Buzz, click HERE.
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Tagged: wheat, soybeans, farm, usda, farm futures
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