Mixed grains this morning with rain forecasts and Ukraine/Russia supply risks
Weather models show a change in precipitation chances for Argentina with a 5-day forecast of 1-2 inches possible. Almost an inch of rain fell in Argentina last night over a vast area of the country. Extended models are showing January to have moisture and below normal temperatures as the La Nina might be slowly dying.
Brazilian weather remains stable with rains coming and going thought the beginning of January. Satellite imaging is showing a healthy crop starting down in Brazil with no threats of hindering that in the near future just yet. Watching the weather in January and February will be key.
Ukrainian president Zelenskyy visited the white house yesterday causing KC and Chicago wheat to jump some 20 cents. Putin expressed that if Zelenskyy goes to D.C that any peace talks the previously talked about would be off the table as he is still seeking aid from the United States. This can result in the Black Sea grain exports on thin ice again if conflicts continue to worsen and Putin makes more attacks.
Cattle futures look to be firmer again today while they continue their hot streak this week. Technicals on the charts and fundamentals are looking good for the cattle complex even though corn prices have umped this week. Cattle slaughter is lower this week than last and lower than a year ago.