The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Kevin Van Trump has over 20 years of experience in the grain and livestock industry.
THIS WAS THE WETTEST SPRING EVER RECORDED FOR IOWA!!! 141 years of weather record keeping and not a one with more moisture. This was the third coldest spring in Minnesota history and the wettest every for southeastern Minnesota. Just 90-days ago 70% of the state of Minnesota was considered to be in a "severe drought" today that number is below 3%. Unbelievable rebound in moisture, now the question is will the spigots abruptly shut off or will continue to get more regular rainfall? As Hurricane Season Starts, US is facing heightened risk. More Americans living on or near the coast, coupled with a peak in the natural hurricane cycle, and warmer than normal sea surface temperatures, may set the stage for a very active hurricane season. Wild weather remains the theme: In New York, a trace of snow fell on May 24th — later than ever before recorded—in Syracuse and Binghamton. Southeastern Minnesota and far southwest Wisconsin picked up 2 to 3 times the normal amount of rain in May. Wildfires are breaking loose out west. Southern California is reporting a fast-growing wildfire has spread to 30,000 acres, expanding by 50 percent in the past couple of days. It has destroyed six homes since it broke out last Thursday. In world news, Spain's manufacturing jumped to its best level in two years with an increase to 48.1 from 44.7. The question now being asked is, "Has Europe finally bottomed?" If so then is China officially on the mend? Moving forward, "macro" traders seem eager to see the latest monthly employment numbers, set to be released Friday morning, and hear the latest rhetoric from several US Fed officials slated to speak at various events this week. I am not looking for any real surprises, and suspect the US stock market will eventually post another round of NEW all-time highs as the trade continues to ponder, do we move from "quantitative easing" to "quantitative squeezing?" There is some hope in Washington that leaders might make a little more progress towards approving a NEW "Farm Bill" in the next few weeks. To hear about what will move the markets next click the link below and I will send you my full report..daily.
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