What to look out for in northern market

Corn balance sheet tightens dramatically, in response to high old crop demand and the United States Department of Agriculture acreage survey results. Chinese demand re-emerged for wheat and feed grains, including barley and sorghum, this week. Global feed grains are precariously tight, pushing the market to focus on any weather issue in the northern hemisphere. Volatility is likely to continue. Wheat futures currently supported by tight wheat corn spread, but less so out the curve. US northern Plains and Canadian moisture / weather is poor, but we note a low correlation between early moisture and final yield. Dry conditions are beginning to affect France and German Wheat production areas. Likewise UK and Spain are not in great shape.

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