Grain outlook for the year - climatic events are the main story so far

A dramatic drought in Uruguay, Argentina, in the Brazilian South, dry weather in the northern US and Canada (major spring wheat areas), very low temperatures in Eastern Europe, Ukraine and Russia all point to production revisions for grains & oilseeds this year, which on top of biofuel mandates and robust demand for feed & food mean prices should reflect S/D imbalances and declining stocks.