La Nina is expected to peak before the end of the year, or possibly very early in 2011. The speed at which La Nina declines will determine when dry areas of the winter wheat belt see relief and how soon Midwest soil profiles can be recharged for the 2011 growing season.
Russia Ponders Grain Imports
Russia, and possibly Ukraine, may need to increase wheat and feed grain imports to cool food inflation to avoid social unrest, despite export curbs to maintain domestic stocks.
China is Key to Demand
Chinese purchases of corn and soybeans on the global markets over the next several months will determine whether further price rationing is needed in the US commodity markets.
Australia Wheat Harvest Wraps Up
Eastern Australia has a large crop to harvest, but persistent rains have reduced 50 to 60% of it to feed grade quality, with losses exceeding 100 million bushels possible. Its ability, or lack thereof, to compete in the quality wheat market will impact US exports.
Brazil soybeans set pods
Pod-setting begins for early planted soybeans in Brazil. Weather patterns that become established in the weeks ahead are expected to have significant price implications.
