- Wide swaths of the Midwest are suffering from short to very short soil moisture. The latest NASS report confirmed that 52 million corn and soybean acres are short or very short of topsoil moisture, and subsoil moisture is also in fast retreat as three weeks of drier than normal weather has occurred. Drought, by definition, is measured by an extended period of below normal precipitation. You do not need soaring temperatures to produce drought, just below normal rains. Yet to be determined is whether the drought in the N Plains will expand south and east. It would be historically unusual if the ongoing dryness did not worsen and expand during mid to late summer.
- US export data has been released as follows:
- Chicago markets started the day mixed but have moved into positive territory with wheat leading by some margin. Th market continues to await weather forecasts and the anticipated arrival of hot and dry conditions, the real questions are “if” and “when”.