The Class III futures market took an unchanged spot session as decidedly bearish yesterday and retraced a large chunk of Friday’s gains, largely keeping the trading range of the past month intact with a “wax on-wax off” temperament and again raising the question of whether or not the trade is just coiling in consolidation mode, or if bearish headwinds will begin to work prices lower?
One might think that winter storms in December and February put California in a better water position at the start of 2015 compared to one year ago. Think again. The drought remains in full force, and if you can believe it, it’s worse.
Review of the new long range climate outlooks released today from the National Oceanic and Atmospheric Administration's (NOAA) Climate Prediction Center indicate that the wide variability in temperature swings of fall and winter are likely to continue; and the potential for a weak El Niño lingers, explained Dennis Todey, South Dakota State Climatologist & SDSU Extension Climate Specialist.