INO Evening Market Comments
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Started by tallpine - Jan. 18, 2023, 4:41 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, January 19, 2023



8:30 AM ET. January Philadelphia Fed Business Outlook Survey

                       Business Activity (previous -13.8)

                       Prices Paid (previous 26.4)

                       Employment (previous -1.8)

                       New Orders (previous -25.8)

                       Prices Received (previous 24.3)

                       Delivery Times (previous -11.9)

                       Inventories (previous -2.7)

                       Shipments (previous -6.2)



8:30 AM ET. December New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.427M)

                       Housing Starts, M/M% (previous -0.5%)

                       Building Permits (previous 1.342M)

                       Building Permits, M/M% (previous -11.2%)



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 205K)

                       Jobless Claims, Net Chg (previous -1K)

                       Continuing Claims (previous 1634000)

                       Continuing Claims, Net Chg (previous -63K)



10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2902B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +11B)

                       

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 439.607M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +18.961M)

                       Gasoline Stocks (Bbl) (previous 226.776M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +4.114M)

                       Distillate Stocks (Bbl) (previous 117.716M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.069M)

                       Refinery Usage (previous 84.1%)

                       Total Prod Supplied (Bbl/day) (previous 17.627M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.563M)

                       

4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, January 20, 2023 



8:30 AM ET. U.S. Weekly Export Sales



10:00 AM ET. ABA Economic Advisory Committee economic forecast

10:00 AM ET. December Existing Home Sales

                       Existing Sales (previous 4.09M)

                       Existing Sales, M/M% (previous  -7.7%)

                       Unsold Homes Month's Supply (previous 3.3)

                       Median Price (USD) (previous 370700)

                       Median Home Price, Y/Y% (previous +3.5%)



The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The Dow closed sharply lower on Wednesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a lower opening when Thursday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average 33,378.12 signals that a short-term top has been posted while opening the door for additional weakness near-term. If the Dow extends the aforementioned rally, December's high crossing at 34,712.28 is the next upside target. First resistance is last-Friday's high crossing at 34,342.32. Second resistance is December's high crossing at 34,712.28. First support is the 20-day moving average 33,378.12. Second support is the December 22nd low crossing at 32,573.43.   



The March NASDAQ 100 posted a key reversal down as it closed lower on Wednesday while consolidating some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. Closes below the 20-day moving average crossing at 11,184.09 would signal that a short-term top has been posted. If March extends the rally off January's low, the 38% retracement level of the August-October decline crossing at 11,839.97 is the next upside target. First resistance is the 38% retracement level of the August-October decline crossing at 11,839.97. Second resistance is the 50% retracement level of the August-October decline crossing at 12,237.16. First support is the 20-day moving average crossing at 11,184.09. Second support is January's low crossing at 10,751.00.  



The March S&P 500 closed sharply lower on Wednesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 62% retracement level of the August-October decline crossing at 4045.36 is the next upside target. Closes below the 20-day moving average crossing at 3908.96 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 4045.36. Second resistance is December's high crossing at 4180.00. First support is the 20-day moving average crossing at 3908.96. Second support is the December 22nd low crossing at 3788.50.        



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



March T-bonds closed up 2-15 pts. at 132-06. 



March T-bonds closed sharply higher on Wednesday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, December's high crossing at 132-15 is the next upside target. Closes below the 50-day moving average crossing at 127-10 would signal that a short-term top has been posted. First resistance is December's high crossing at 132-15. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 133-30. First support is the 50-day moving average crossing at 127-10. Second support is December's low crossing at 124-11. 



March T-notes closed up 1075-pts. at 115.290.



March T-notes closed sharply higher on Wednesday as it renewed the rally off October's low. The high-range close sets the stage for a steady to slightly lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the 62% retracement level of the August-October-2022 decline crossing at 116.235 is the next upside target. Closes below the 50-day moving average crossing at 113.133 would signal that a short-term top has been posted. First resistance is today's high crossing at 115.295. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 116.235. First support is the 50-day moving average crossing at 113.133. Second support is the December 30th low crossing at 111.280. 



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



February crude oil closed lower due to profit taking on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, December's high crossing at $83.27 is the next upside target. Closes below the 10-day moving average crossing at $76.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $82.38. Second resistance is December's high crossing at $83.27. First support is the 10-day moving average crossing at $76.50. Second support is the January 5thlow crossing at $72.46.  



February heating oil closed slightly lower on Wednesday as it consolidates some of the rally off the January 5th low. The low-range close sets the stage for a steady to lower opening when Thursday's day trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off the January 5th low, December's high crossing at $3.3543 is the next upside target. Closes below the 10-day moving average crossing at $3.1313 would temper the near-term friendly outlook. First resistance is today's high crossing at $3.3375. Second resistance is December's high crossing at $3.3543. First support is the 10-day moving average crossing at $3.1313. Second support is the January 5th low crossing at $2.9200. 



February unleaded gas closed lower on Wednesday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, November's high crossing at $2.6682 is the next upside target. Closes below the 20-day moving average crossing at 2.3596 would signal that a short-term top has been posted. First resistance is today's high crossing at 2.5966. Second resistance is November's high crossing at $2.6682. First support is the 20-day moving average crossing at 2.3596. Second support is the January 6th low crossing at $2.2356.



February Henry natural gas closed lower on Wednesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, the July-19th low crossing at 3.236 is the next downside target. Closes above the 20-day moving average crossing at 4.286 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.286. Second resistance is the December 27th high crossing at 5.245. First support is today's low crossing at 3.287. Second support is the July 19th low crossing at 3.236.



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The March Dollar closed slightly lower on Wednesday as it tested support marked by the 75% retracement level of the January-September rally crossing at $101.331. The mid-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off September's high, the 87% retracement level of the January-September rally crossing at $99.229 is the next downside target. Closes above the 20-day moving average crossing at $103.308 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.308. Second resistance is the 50-day moving average crossing at $104.703. First support is the 75% retracement level of the January-September rally crossing at $101.331. Second support is the 87% retracement level of the January-September rally crossing at $99.229. 



The March Euro closed slightly lower on Wednesday as it consolidated some of the rally off September's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the March 31st high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at 1.07305 would signal that a short-term top has been posted. First resistance is today's high crossing at $1.09275. Second resistance is the March 31st high crossing at $1.09680. First support is the 20-day moving average crossing at 1.07305. Second support is the 50-day moving average crossing at $1.05737. 



The March British Pound closed higher on Wednesday as it extends the rally off last-Friday's low. The mid-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off last-Friday's low, December's high crossing at 1.2229 is the next upside target. Closes below the 50-day moving average crossing at 1.2066 would signal that a short-term top has been posted while opening the door for a possible test of the December 6th low crossing at 1.1867. First resistance is today's high crossing at 1.2452. Second resistance is December's high crossing at 1.2479. First support is the January 6th low crossing at 1.1861. Second support is the 38% retracement level of the September-December rally crossing at 1.1698.    

 

The March Swiss Franc closed sharply higher on Wednesday as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off September's low, the 75% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. Closes below the 50-day moving average crossing at 1.07511 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. Second resistance is the 75% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.07533. Second support is the January 6th low crossing at 1.06915. 



The March Canadian Dollar closed sharply lower on Wednesday as it broke out to the downside of the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 74.03 would signal that a short-term top has been posted. If March extends this month's rally, November's high crossing at 75.71 is the next upside target. First resistance is the November 25thhigh crossing at 75.16. Second resistance is November's high crossing at 75.71. First support is the 20-day moving average crossing at 74.03. Second support is the December 16th low crossing at 73.04.



The March Japanese Yen closed slightly lower on Wednesday. The high-range close sets the stage for a steady to lower opening when Thursday’s day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the May 24th -2021 high crossing at 0.080525 is the next upside target. Closes below the 20-day moving average crossing at 0.076572 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 0.079190. Second resistance is the May 24th -2021 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.076572. Second support is the January 6th low crossing at 0.074830.    



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



February gold closed lower on Wednesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off November's low, the 75% retracement level of the March-October decline crossing at $1975.80 is the next upside target. Closes below the 20-day moving average crossing at $1851.20 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at $1931.80. Second resistance is the 75% retracement level of the March-October decline crossing at $1975.80. First support is the 20-day moving average crossing at $1851.20. Second support is the 50-day moving average crossing at $1805.60.



March silver closed lower on Wednesday as it extended the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off the January 3rd high, the 50-day moving average crossing at 22.874 is the next downside target. If March renews the rally off October's low, the 87% retracement level of the March-August decline crossing at 25.938 is the next upside target. First resistance is the 75% retracement level of the March-September decline crossing at 24.779. Second resistance is the 87% retracement level of the March-August decline crossing at 25.938. First support is the December 16th low crossing at 22.735. Second support is the 50-day moving average crossing at 22.874.  



March copper closed slightly higher on Wednesday but near session lows as it extends the rally off the January 4th low. The low-range close sets the stage for a steady to slightly higher opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 75% retracement level of the March-July decline crossing at 4.4773 is the next upside target. Closes below the 20-day moving average crossing at 3.9323 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the March-July decline crossing at 4.2424. Second resistance is the 75% retracement level of the March-July decline crossing at 4.4773. First support is the 20-day moving average crossing at 3.9323. Second support is the 50-day moving average crossing at 3.8215.  



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



March Corn closed down $0.04-cents at $6.81 1/4. 



March corn closed lower on Wednesday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. Closes below the 50-day moving average crossing at $6.62 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.88 3/4. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is the 50-day moving average crossing at $6.62 1/4. Second support is last-Tuesday's low crossing at $6.48 1/4.    



March wheat closed down $0.09 1/4-cents at $7.42 1/2.  



March wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.56 1/2 would signal that a short-term low has been posted. If March renews this month's decline, the September 6th 2021 low crossing at $6.93 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $7.56 1/2. Second resistance is the 50-day moving average crossing at $7.79 1/2. First support is last-Tuesday's low crossing at $7.20 1/2. Second support is the September 6th 2021 low crossing at $6.93 1/2. 



March Kansas City Wheat closed down $0.14 1/4-cents at $8.41 1/2.



March Kansas City wheat closed lower on Wednesday as it consolidates some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Tuesday's low, the 50-day moving average crossing at $8.79 is the next upside target. If March renews the decline off December's high, the January 10th 2022 low crossing at $7.68 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $8.79. Second resistance is the December 27th high crossing at $8.94 3/4. First support is last-Tuesday's low crossing at $8.03 1/4. Second support is the January 10th 2022 low crossing at $7.68 3/4.



March Minneapolis wheat closed down $0.15-cents crossing at $9.01.



March Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 50-day moving average crossing at $9.29 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.29 1/2. Second resistance is the January 30th high crossing at $9.40. First support is last-Wednesday's low crossing at $8.90. Second support is August's low crossing at $8.75 3/4.

       

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



March soybeans closed down $0.15 1/4-cents at $15.24 1/2.



March soybeans closed lower on Wednesday as it consolidated some of the rally off the January 5th low. The mid-range close sets the stage for a steady to lower opening when Thursday's day trade begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally. last-June's high crossing at $15.72 1/4 is the next upside target. Closes below the 20-day moving average crossing at $14.97 would signal that a short-term top has been posted. First resistance is today's high crossing at $15.48 1/2. Second resistance is last-June's high crossing at $15.72 1/4. First support is the 20-day moving average crossing at $14.97. Second support is the 50-day moving average crossing at $14.73 1/4.



March soybean meal closed down $3.10 at $478.10. 



March soybean meal closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the August 29th high on the monthly continuation chart crossing at $488.40 is the next upside target. Closes below the 20-day moving average crossing at $464.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $487.00. Second resistance is the August 29th high on the monthly continuation chart crossing at $488.40 is the next upside target. First support is the 20-day moving average crossing at $464.40. Second support is the December 19th low crossing at $443.40. 



March soybean oil closed up 28-pts. At 64.12. 



March soybean oil closed higher on Wednesday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to slightly higher opening when Thursday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 64.43 would signal that a short-term low has been posted. If March renews the decline off the December 27th high, the December 16th low crossing at 61.47 is the next downside target. First resistance is last-Monday's high crossing at 64.43. Second resistance is the 50-day moving average crossing at 65.97. First support is the December 16th low crossing at 61.47. Second support is December's low crossing at 58.50. 

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



April hogs closed down $1.98 at $86.15. 



April hogs closed lower on Wednesday as it extended the decline off the December 27th high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, the 87% retracement level of the October-December rally crossing at $84.54 is the next downside target. Closes above the 10-day moving average crossing at $89.15 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $89.15. Second resistance is the 20-day moving average crossing at $92.06. First support is last-Friday's low crossing at $85.95. Second support is the 87% retracement level of the October-December rally crossing at $84.54. 



April cattle closed up $0.03 at $160.13. 



April cattle closed slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $159.67 would confirm that a short-term top has been posted. If April renews the rally off November's low, the April-2015 high on the monthly continuation chart crossing at $164.13 is the next upside target. First resistance is December's high crossing at $162.75. Second resistance is the June-2015 high on the monthly continuation chart crossing at $164.13. First support is the 50-day moving average crossing at $159.67. Second support is the December 15th low crossing at $158.73.  



March Feeder cattle closed up $0.13 at $181.43. 



March Feeder cattle closed slightly higher on Wednesday as it consolidated some of the decline off the January 4th high. The low-range close sets the stage for a steady to slightly higher opening when Thursday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the November 28th low crossing at $180.28 is the next downside target. Closes above the 20-day moving average crossing at $185.29 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $184.08. Second resistance is the 20-day moving average crossing at $185.29. First support is today's low crossing at $180.88. Second support is the November 28th low crossing at $180.28.      



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



March coffee closed higher on Wednesday as it extends the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $16.30 would signal that a short-term low has been posted. If March renews the decline off December's high, the 87% retracement level of the 2020-2022 rally crossing at $13.20 is the next downside target. First resistance is the 20-day moving average crossing at $16.13. Second resistance is the 50-day moving average crossing at $16.30. First support is last-Wednesday's low crossing at $14.21. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.20. 



March cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26.03 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off Monday's low, the March-2022 high on the weekly continuation chart crossing at 27.10 is the next upside target.              



March sugar closed lower on Wednesday as it consolidates some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, November's high crossing at 20.48 is the next upside target. Closes below last-Thursday low crossing at 19.45 would signal that a short-term top has been posted.    



March cotton closed higher on Wednesday as it extends the November-January trading range. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the 50% retracement level of the August-October decline crossing at 93.31 is the next upside target. If March extends the decline off Monday's high, the January 4th low crossing at 80.37 is the next downside target.     

Comments
By metmike - Jan. 18, 2023, 9:04 p.m.
Like Reply

Thank you tallpine!

1. Thru day 6, rains stay mostly south of bean-land in Argentina from the just out 18z GEFS.

2. After that, they get bombarded with rains in week 2.



2 weeks below:

The just out GEFS has 3+ in most areas and 4+ in some spots.


+++++++++


https://www.cpc.ncep.noaa.gov/products/Precip_Monitoring/Figures/global/n.90day.figb.gif

https://www.cpc.ncep.noaa.gov/products/Precip_Monitoring/Figures/global/n.90day.figb.gif


South America soybean production below

https://ipad.fas.usda.gov/rssiws/al/ssa_cropprod.aspx

https://ipad.fas.usda.gov/rssiws/al/crop_production_maps/ssa/AR_Delegation/Argentina_Total_2019_20_Soybean.png

https://ipad.fas.usda.gov/rssiws/al/crop_production_maps/Brazil/Municipality/Brazil_Soybean.png

https://ipad.fas.usda.gov/rssiws/al/crop_production_maps/Brazil/Municipality/Brazil_Soybean.png