Global weather and geopolitical tensions dominate market talk

Frosts in France and drought worries in North Dakota and parts of the Canadian Prairies are providing price support to a worried crop market that urgently needs ideal crop weather to replenish global supply. In the background, all markets are watching the rising tensions between Russia and Ukraine as well as China’s intimidation of Taiwan. The recent spring snowstorm provided temporary relief to large parts of the eastern Prairies and North Dakota, but the western Prairies saw little moisture and all of the northern Plains region has a moisture deficit, meaning regular rain will be more important than usual. Crop markets were also monitoring the cold weather expected to reach down into the southern U.S. Plains this week. Overnight lows of -4 C were forecast in Kansas. If sustained for two hours, that would be enough to damage winter wheat at the jointing stage. As of April 11, 29 percent of Kansas winter wheat was jointing. Meanwhile, the prospect for Europe’s winter rapeseed ...