![]() ![]() We can assume this drop was already guessed by markets because it did nothing to bolster them, but it does highlight the need for moisture up there and into ND for spring crops to finish.įrom the US Wheat Associates "Harvest Report" email this morning."hey, I know those folks!"Ĭonfusing rain chances for the next few days are popping up. Unfortunately they don't share this data weekly like the USDA does, but every few weeks. Saskatchewan wheat conditions dropped from 50% to 35% good+excellent rating. ![]() On the side that NWGG supports, which is keeping and improving of the dams, the Capital Press recently had this article: Lock and dam system benefits Pacific NW, advocate says | Water | Your elected officials can be bugged, too, since they work for you. If you'd like to lend your voice to it, there's a link on our homepage to do so. The debate about removing PNW dams is busy. I highlighted one sentence because it was a big rumor yesterday and probably contributed to some of the US futures market weakness, but apparently, it's not true.or so they're saying out loud. In years past, selling wheat to the Indian government was a nice side piece for US/Canadian sellers, but India had been able to produce their needs well enough for a while that the business fell away. In order to backfill the lack of rice, they're courting wheat imports. India is the largest exporter of rice (or at least certain varieties) clamps down on outgoing goods it creates a minor shockwave. We're fortunate to have several kinds of domestic supply, and easy access to others from anywhere else we choose, but the peoples of countries with less means who fry a high percentage of their foodstuffs (like many Asian and Pacific Rim nations) spend a tremendous amount of their income on oil.and rice/other goods. Vegetable oil is a major world foodstuff. I didn't say much about the next two topics recently because I wanted to see what would develop first. What else might it mean? The bit above could be wrong, and it could be a showing of strength by the speculators that even something as seemingly bullish as Ukraine attacking a Russian ship at a port that handles some 60% of the grain exports and a high level of oil (remember the oil sentence at the opening?), that it's only worth a couple of cents of upward trading after the dust settles. That might give us a sign it's running out of steam. sell against it in hopes the price will go down) being made by big speculative traders. To me it shows some cracks in the big movement to short the SRW market (i.e. the market crashes and there's big volume of trade that hits in the opening seconds? This is like that, except there were opposing forces. You might recall a few charts I've shared recently where right at 6:30 a.m. I (poorly) outlined the time stamp area and then the re-opening of the market at 6:30 a.m. The above is the 1-minute chart for CBOT SRW SEP23 futures. ![]() Notice the time stamp was about 5:00 a.m.? Read the above all the way through before moving on (if you have the time). The US$ Index is down very hard and sitting at some support levels (from a chart perspective). Crude oil having itself a wild day, too, is up to $82/barrel. SRW and corn futures are up a few cents, HRW -.05, HRS -.01. Some interesting twists being exhibited in markets this morning, but also a lot of the same trouble we've had for the last two weeks. Please review our full terms contained on our Terms of Service page.Daily Morning Commentary Published on: Aug 4, 2023 We further caution that our travel scores are only as good as the data that underpin them, that weather conditions at any given location and time are unpredictable and variable, and that the definition of the scores reflects a particular set of preferences that may not agree with those of any particular reader. While having the tremendous advantages of temporal and spatial completeness, these reconstructions: (1) are based on computer models that may have model-based errors, (2) are coarsely sampled on a 50 km grid and are therefore unable to reconstruct the local variations of many microclimates, and (3) have particular difficulty with the weather in some coastal areas, especially small islands. We draw particular cautious attention to our reliance on the MERRA-2 model-based reconstructions for a number of important data series. We assume no responsibility for any decisions made on the basis of the content presented on this site. Weather data is prone to errors, outages, and other defects. The information on this site is provided as is, without any assurances as to its accuracy or suitability for any purpose. See all nearby weather stations Disclaimer The details of the data sources used for this report can be found on the Spokane International Airport page. ![]()
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