Markets will close at normal time today and reopen on Monday evening at normal time before a three-day weekend. Monday night, markets will be sharply higher or sharply lower. Right now it looks higher, but weather can change in a matter of hours. Rain or no rain the next ten days are not going to make or lose the crop. Do not be selling new crop.
Yesterday morning, the weather outlook was light showers with poor coverage into the last week of June. At midday yesterday, both the European and American weather forecast models were showing drier forecast over the next 10 days. Last evening’s National Weather Service 6 to 10 day and 8 to 14 day forecast expanded the area of hot temperatures and less rain for the Corn Belt. Ukraine and central Russia will remain dry. Northern Europe has an increased chance for rain next week, but nearly enough rain to make-up their deficit.
Yesterday’s updated drought maps show nearly 100% of the I States in a certified drought. These states contributed 42% of US corn and 37% of soybeans in 2022.