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Highlights, Export Inspections, Markets & Rain Days Update 7/6/22

Highlights


Heatwaves are predicted to sweep through northern China the next two weeks with temperatures exceeding 40 degrees Celsius (103 F) in some regions.

Italy declared a state of emergency for areas surrounding the River Po, which accounts for roughly a third of the country's agricultural production. The area is suffering its worst drought in 70 years.

The US economy may have contracted during the second quarter. With the confirmed contraction of the US economy in the first quarter, that would meet the “rule-of-thumb definition” of a recession with the contraction for two quarters in a row. But deciding when a recession has begun or predicting when it will end is undefined by a set of standards.

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