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leaves rates steady, sees two small hikes by end of 2023 – Reuters News

leaves policy rate in 5.00%-5.25% range


choppy trade as traders mull over supply concerns and sharply lower USD after US PPI data eased economic concerns. US weather outlook hasn’t changed that much. Midday was a little wetter for the Great Plains and drier for parts of the Midwest for the 11-15
day period. Look for rain to increase across the Midwest over the next week but keep an eye on the dry areas of the northwestern Corn Belt


estimates as of June 14 (net in 000)





A map of the united states

Description automatically generated with medium confidence


Weather Inc.


  • Alberta
    and portions of Saskatchewan, Canada will receive waves of rain during the next ten days improving soil moisture in some of the driest areas and revitalizing some of the withering wheat, barley, canola and other crops produced in the region
    • Far
      southeastern Alberta and far southwestern and southeastern Saskatchewan may not get much rain, although a few showers are expected
  • Not
    much rain will fall from eastern Minnesota, eastern Iowa and western Wisconsin through the heart of Illinois to southern Indiana and a part of northern Kentucky in this coming week to ten days
    • These
      areas are already too dry and crop moisture stress will be intensify
    • Yield
      loss potentials are rising in this region
  • Eastern
    U.S. Midwest crop areas will get additional rain today and Thursday with Ohio and Pennsylvania wettest relative to normal
    • Net
      drying is expected for a while thereafter until sometime next week when showers may return again
  • U.S.
    Delta and southeastern states will experience waves of rain with some excessive amounts possibly resulting in some flooding during the next ten days
    • Areas
      from the heart of the Delta into Georgia are most favored for the greatest rainfall
  • U.S.
    central Plains summer crop areas will experience a good mix of weather during the next ten days
    • Some
      winter wheat areas may be a little wetter than desired, but the impact should be relatively low due beneficial breaks in the weather with greater sunshine and drying conditions expected at times
  • Northern
    U.S. Plains, the Upper U.S. Midwest and southeastern Canada Prairies will experience restricted rainfall for a while, although totally dry weather is unlikely
    • There
      will be a growing need for greater volumes of rain in parts of this region which are already quite dry
  • Washington’s
    Yakima Valley and neighboring areas of north-central Oregon will be dry for much of the next ten days leaving a big need for rain in unirrigated crop areas
  • Showers
    in the Snake River Valley of Idaho and in much of Montana and Wyoming will be good for sugarbeets, dry beans and other crops produced in the region during the next ten days
  • Much
    of western and southern Texas will be dry biased for the next ten days and possibly longer with temperatures rising above normal
    • Extreme
      highs in the 90s to over 100 Fahrenheit are expected frequently
      • Crop
        and livestock stress is expected
  • U.S.
    temperatures will be cool in the Midwest for a while into the end of this week and then warmer this weekend into early next week before some additional cooling occurs later next week
    • The
      mix of temperatures will help keep moisture stress low in the driest areas
  • Northern
    Europe dryness will continue most serious from northeastern France through Germany to a part of western Poland and northward to Belgium, Netherlands and Denmark through the weekend
    • Relief
      from dryness is expected to evolve gradually next week
    • Sufficient
      rain is expected by July 1 to improve topsoil and crop conditions
  • Drying
    will also occur in Russia, the Baltic States, eastern Belarus and eastern Ukraine during much of the next ten days firming the soil and raising the need for rain
    • A
      larger part of Ukraine and Belarus will be impacted by dryness into early next week before rain begins
  • Eastern
    Russia’s New Lands and northern Kazakhstan will remain drier than usual through the next ten days, although milder than usual temperatures will help limit crop stress for a while
  • Southern
    Europe will continue wetter than usual for much of the coming ten days limiting fieldwork and slowing some crop development for a while
  • North
    Africa’s rainy weather pattern of the past few weeks will end after today’s rain ends
  • West-central
    Africa rainfall has been and will continue to be quite abundant during the next ten days favoring coffee, cocoa, sugarcane and rice development
    • A
      few areas have been trending a little too wet and less rain might be welcome
    • Cotton
      areas in Burkina Faso and Mali are trending much wetter
  • East-central
    Africa rainfall continues to occur routinely and mostly supports normal rice, coffee, cocoa and sugarcane development
  • China’s
    northern Yellow River Basin and neighboring areas of Inner Mongolia are trending drier and this pattern will prevail for a while possibly leading to crop moisture stress for wheat, coarse grains and oilseeds later this summer
  • Southern
    China will remain plenty wet and may become excessively wet soon
    • This
      will interfere with early rice maturation and harvesting with some crop quality declines possible
    • Some
      sugarcane areas will eventually be flooded
    • Most
      of the greatest rain will be south of rapeseed areas; though much of the rapeseed harvest has likely been completed
  • Xinjiang,
    China will experience seasonable temperatures over the next two weeks
    • The
      province has struggled with coolness in recent weeks and crop development is behind the usual pace
      • Production
        potentials have decreased because of some reduced area planted and due to the poor early season start to crop development
        • There
          is concern over early season frost and freeze potentials coming along before the crop is fully mature
      • Crop
        conditions are improving because of the recent development of more seasonable temperatures
        • Recent
          high temperatures have been in the 90s to slightly over 100 Fahrenheit
  • Tropical
    Cyclone Biparjoy was 169 miles southwest of the northwestern most coast of Gujarat, India at 1200 GMT today moving northeast and producing sustained wind speeds of 100 mph
    • Landfall
      is expected around 1700 GMT Thursday  in far northwestern Gujarat with wind speeds of 80 mph, a notable storm surge and torrential rainfall likely
      • Rainfall
        should vary from 6.00 to 12.00 inches in general with local totals to more than 15.00 inches
    • Remnants
      of the tropical cyclone will move through southern Rajasthan to north-central Madhya Pradesh, India Friday into the Sunday with a swath of heavy rain likely to accompany it
      • Portions
        of southeastern Sindh, Pakistan will also be adversely impacted by the storm
  • India’s
    monsoon continues having trouble getting started, but once Tropical Cyclone Biparjoy moves inland and dissipates Thursday through Sunday the potential for greater rain in India will begin rising
    • June
      20-26 should be much wetter for many areas in India, but not in the west-central parts of the nation where it is likely to remain drier than usual
  • Western
    Thailand, western Cambodia and Vietnam rainfall continues lighter than usual with little change likely for the next ten days
    • Rain
      is falling in some of these areas, but not enough has occurred to bolster subsoil moisture and water supply along with rivers and streams are still running low
  • Australia
    soil moisture is still mostly good for wheat, barley and canola emergence and establishment
    • Weather
      in the coming ten days will remain plenty wet in crop areas near the southern coast
    • A
      boost in rainfall will be needed in interior Western Australia (especially in northern crop areas) and in Queensland as well as a few interior South Australia locations
  • South
    Africa’s southwestern wheat and barley production region continues to get rain with more expected
    • Winter
      crops in the region are well established
    • Some
      increase in rain would be welcome for winter crops in Free State
  • Argentina
    dryness remains a concern for Cordoba, western Buenos Aires and La Pampa while crop areas to the east have seen sufficient rain for aggressive planting and good early season emergence and establishment
    • Rain
      prospects are poor in Argentina for the next ten days
  • Above
    normal rain is expected from Mato Grosso to northern Rio Grande do Sul, Santa Catarina, Parana and Sao Paulo, Brazil during the coming week slowing fieldwork and inducing soggy field conditions in wheat and corn areas