The Buzz: Weather Watch Begins After USDA Report
Weather models beginning to show signs of early frost.
Bryce Knorr
Published: Aug 17, 2009
USDA's August crop report had plenty of surprises for the market, but as the dust settles from the barrage of numbers, look for weather, especially worries about frost, to play an important role.
The Farm Futures marketing team dissected report details and the potential for prices in this week's edition of The Buzz online video program.
Market Analyst Arlan Suderman noted that some weather models this week begin to hint at a frost for Canadian prairies towards the end of August, the first sign the market has seen for cold weather to damage late developing crops in North America. While models are inconclusive so far, the shift in the forecast towards cooler temperatures next week is a reminder that corn, soybeans and spring wheat need ideal growing conditions to reach yield potential outlined by USDA.
The Buzz - Aug. 12, 2009 from William Vogt on Vimeo.
Senior Editor Bryce Knorr is watching price charts for direction. If December corn can hold, it could be ready to rally, but a break not would violate chart support, Knorr said. Wheat is also nearing chart support, while November beans keep trying to use bullish export momentum to test $11.
Check out the video...
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Tagged: usda, wheat, farm, soybeans, farm futures
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