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crude oil was down $1.57 earlier, USD up 6 points and equities lower. The Bank of England raised interest rates by a larger than expected half a percentage point. Lower trade across the soybean complex and grains on improving US weather for the second week
of the forecast and follow through selling in soybean oil. Lower Brent and WTI crude oil is adding to the negative sentiment. Traders are mulling over the possibility of a smaller than expected US soybean crush next season after advanced biofuel mandates saw
a slight increase from the December proposal and recent decline new-crop crush margins. Yesterday evening’s GFS model run was wetter for the northwestern (50%) Corn Belt and eastern half of the Northern Plains July 1-3. If verified, dryness relief would occur
across Iowa, southern Minnesota, northern Illinois, and Wisconsin. Time will tell. The morning forecast didn’t offer too much in the way of overall changes. Warmer than expected temperatures are seen for Kansas, Missouri and Illinois. China is on holiday,
returning Monday. Third month Malaysian palm oil futures decreased 52 ringgit to 3562, and cash decreased $10 to $817.50/ton. Offshore values were leading SBO higher by about 344 points this morning and meal $28.20 short ton higher. A Bloomberg poll looks
for weekly US ethanol production to be up 5,000 thousand barrels to 1028k (1002-1035 range) from the previous week and stocks off 92,000 barrels to 22.134 million.



estimates as of June 21 (net in 000)




A map of the united states

Description automatically generated with low confidence


Weather Inc.


  • A
    boost in predicted rainfall was noted overnight in the northern Midwest, especially in Wisconsin and Michigan with some increase in shower activity suggested for the drier areas in Illinois, Indiana and Iowa over the coming ten days
    • However,
      the increase in shower activity in the “I” states has already been advertised in previous model runs and confidence is still not high that these areas will get enough rain to seriously change the moisture profile for any great length of time
      • Be
        watchful for surprisingly greater rainfall in a few of the driest areas during the coming week, but that kind of event will only impact a very small part of the overall driest region
  • Very
    warm to hot air from Texas may be briefly drawn northward into the southwestern U.S. Corn Belt inducing warmer than expected temperatures in Kansas, Missouri and Illinois
    • This
      will occur briefly this weekend and possibly again briefly during mid-week next week
  • Overall,
    though, the dry biased areas in Illinois and immediate neighboring areas are not likely to be seriously altered despite a few showers in the coming week to ten days or the brief insurgence of hotter weather from the southwest
  • U.S
    Delta weather will be favorable while the southeastern states see some improvement after recent heavy rain
  • The
    northern U.S. Plains will experience significant rain along with a part of the upper Midwest, but Canada’s eastern Prairies will not see much significant rain
  • Cool
    weather occurred again overnight from southwestern Alberta, Canada into the U.S. Pacific Northwest and the northwestern U.S. Plains, but no more than a few patches of light frost resulted without any serious crop impact
  • Excessive
    heat in Texas will continue for another week stressing livestock and zapping moisture from the soil the increase dryland crop stress in cotton, sorghum, soybean, rice and corn production areas
    • Some
      rain will occur briefly into Saturday morning from the Texas Panhandle and southwestern Oklahoma into the Texas Blacklands, but West Texas and South Texas will be hot and dry.
  • Rain
    from eastern France through Germany to western Poland over the next few days will bring temporary relief from recent dryness, but another week of dry weather will follow maintaining some concern about the big picture for crops
    • No
      excessive heat is expected, though, and that will help limit the impact of dry weather
  • No
    changes in Russia, China, Australia, South America or India weather was noted overnight
    • China’s
      crop region north of the Yellow River into Mongolia will be dry and warm biased for a while
    • India’s
      monsoon rainfall will increase during the weekend and next week as a monsoon depression moves across the nation
      • Maharashtra
        into Tamil Nadu and Andhra Pradesh will be driest in India for the next couple of weeks
    • Southern
      China’s early rice crop will be subjected to excessive rain resulting in harvest delays and a quality decline
  • Western
    Thailand dryness will continue, although some rain will fall periodically
  • Tropical
    Depression Four and Tropical Storm Bret will both dissipate this weekend and next week respectively without directly impacting land

World Weather, INC.