Bower Market Strategy Report: Weather Market Worries
As the month of March begins, weather trends begin to become a bigger market factor. Jim Bower says several, well-respected meteorologists are now leaning toward not having an El Niño event this year, “If that happens, that changes the ballgame pretty quick.” He added, with 90 degree temperatures over the weekend in parts of the southwest and the lack of snow cover in much of the north, the market is paying a lot more attention to what the spring conditions are likely to be.
This unseasonable, warmer pattern has the market worried about the U.S. winter wheat market. With reduced acres, any threat to yield will have an exaggerated market impact, “Here at Bower Trading, we have no interest in selling rallies in the coming weeks in wheat. Given the 109 year low in planted acreage and the sub-par start to the winter wheat growing season.” He added any validated threat to the wheat crop will energize the market and move prices sharply higher.
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