WEATHER
Randy Martinson, Martinson Ag, says he was encouraged grains were all able to close higher and build on last week’s higher weekly closes. So was it all fund short covering?
Bryan Doherty, Total Farm Marketing, says while the technical action in the grain markets was encouraging grains need to close higher again next week for confirmation. Cattle and hogs also closed higher Friday and for the week.
Scott Varilek with Kooima Kooima Varilek says long term continuation charts for live cattle still look positive. Corn and soybeans could post higher weekly closes but he thinks it might be a bear trap.
Corn and soybeans rally Thursday putting in some weather premium but may have reached a value level which is uncovering strong end user demand.
Jeff Hoogendoorn, Professional Ag Marketing, says corn and soybean may have dialed in the biggest yield and with hot dry weather trimming yield and demand picking up the markets could see more buying.
Cattle set back on lower early cash and cutouts, while hogs turn mixed after early gains tied to strong weekly exports.
Corn and wheat score key reversals after making new contract lows, while soybeans continued higher for a third day.
Soybeans close higher for a third session still putting in weather premium. Cattle and hogs also saw strength with end of month and quarter positioning.
Corn sees short covering as well with lower crop ratings by 2% and Mexico buying around 5 million bushels of new crop U.S. corn.
No major over-oppressive heat has been registered in most of the US Corn Belt so far this year which has minimized the impact of dry conditions that have emerged in some locations, according to USDA Chief Meteorologist Brad Rippey in a June 28 conversation he had with Agri Talk host Mike Adams, which Informa Economics was a part of.
Warm, dry conditions in Midwest promoting planting in the Corn Belt.
Recovery efforts continue in southern Corn Belt following recent tornadoes.
Above-normal temps for much of the U.S. for the rest of the week.
Get your day started with a brief rundown of key news.
The area of the Corn Belt with less rainfall than normal has expanded to cover 70% of the region, with more dry days ahead this week, QT Weather says.
Above-normal temps expected to return to Northern, Central Plains Friday.
Frigid air is expected to trail the storm.
Snowpack protects northern winter wheat from frigid temps.
Frigid temps to persist for several more days.
A moderate or strong La Niña like the one currently underway typically produces a drier than normal weather pattern across the southern U.S.
Showers also are benefiting winter wheat on the Plains.
A surge of cold air is expected to trail the front.
Freezes occurred as far south as west-central Texas overnight.
Meteorologist Gail Martell provides a South American weather update.
Meanwhile, rain is falling in the Pacific Northwest and will arrive in the northern Plains during the second half of the week, USDA says.
Hot temps and dryness are stressing crops.
The rest of the Midwest is expected to stay dry through week’s end.
Meteorologist Gail Martell provides her weather insight.
Showers continue to delay spring wheat planting.