USDA June acreage report market shockers, a look at Midwest weather, the collapse in cocoa prices (& more)
by Jim Roemer – Meteorologist – Commodity Trading Advisor – Principal, Best Weather Inc. & Climate Predict – Publisher, Weather Wealth Newsletter
- Friday (crack of dawn) Report: June 28, 2024
Today’s USDA planted acreage report has been known to throw “shockers” into the grain trade. For example, last year’s June 30th acreage report resulted in a surprise drop in soybean acreage and a modest increase in corn acreage. The result? The outcome is usually a major upward move in soybean prices and a collapse in corn prices.
Historically, however, traders turn their attention back to Midwest weather, which right now is ideal, other than flooding in the northwest corn belt. This flooding from the Dakotas, northern Iowa, and Minnesota will NOT be taken into account in this week’s report.
In the past two weeks, it has been our opinion that all of the chatter of hot-dry Midwest weather is HOGWASH because of this warming over Alaska called the negative Eastern Pacific Oscillation Index.
Source: Weather Wealth Newsletter
- But… could things change after July 6th?
- Could there be a bull market in corn and soybeans later?
We’re offering our valued Barchart readers a COMPLIMENTARY ISSUE OF WEATHERWEALTH titled:
”A gift horse named “cocoa.” The collapse in corn and soybeans & historical USDA late June planting reports”
Just click this link for your free issue: https://www.bestweatherinc.com/weather-wealth-sample/
The FREE report covers:
- 1) What does flooding in northern Iowa, Minnesota, and the Dakotas portend for summer?
- 2) Why have we felt all along that La Niña will not form until sometime after September or October and not in July or August?
- 3) The history of late June planted acreage reports and how we called for a “mostly” bear market in grains since last summer
- 4) Calling the collapse in cocoa prices. What do seasonal factors and the end of El Niño portend for prices?
- 5) Recent trading ideas from grains to sugar, natural gas, and coffee
- 6) Could there be hot, dry, corn-soybean belt weather deeper into July?
You’ll get the scoop about how weather is affecting global markets. For example:
- Talk of dryness in north China is NOT a factor in corn and soybean trading this time of the year and now a big deal
- How we predicted improving rainfall for the dry central and eastern corn belt and NO consistent hot, dry corn belt ridge.
Below, is an excerpt of what you’ll receive in the report:
Thanks for your interest in commodity weather!
Jim Roemer, Scott Mathews, and The Weather Wealth Team
Mr. Roemer owns Best Weather Inc., offering weather-related blogs for commodity traders and farmers. He also is a co-founder of Climate Predict, a detailed long-range global weather forecast tool. As one of the first meteorologists to become an NFA registered Commodity Trading Advisor, he has worked with major hedge funds, Midwest farmers, and individual traders for over 35 years. With a special emphasis on interpreting market psychology, coupled with his short and long-term trend forecasting in grains, softs, and the energy markets, he established a unique standing among advisors in the commodity risk management industry.
Trading futures and options involves a significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results.
On the date of publication, Jim Roemer did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
