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Markets Busy, But Weather a Worry
CHICAGO - Jun 5/06 - SNS -- Weekly trade in international agricultural commodity markets is getting off to a relatively good start, though North American traders would like to see more of the ongoing demand come their way.
Even so, markets are becoming more concerned with the evolving weather picture in the United States, parts of Canada and Australia. Oilseed traders worry about the impact an Australian drought will have on canola yields there and the threat to U.S. soybeans if a forecast high pressure ridge develops over the Midwest for mid-June.
Short term weather models are almost ideal, however. The 6-10 day outlooks show a shift from hot and dry to hot and wet which would be near ideal for early burst in growth for the soybean crop.
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