Tidbits, Hot & Dry Weather, Lawsuits & Legal Decisions, FOB 6/29/26
- Wright team
- Jun 29
- 4 min read
Tidbits
All CBOT July basis contracts and long July futures contracts need to be rolled or liquidated today to avoid any chance of being assigned delivery through the CBOT.
Weather: With all the hot weather in Europe the past two weeks and the heat coming into the crop areas of the U.S. this weekend and predicted to stay over the next two weeks, we were surprised to see corn and soybeans futures drop 4 to 5¢ after opening Sunday evening.
A brutal Western European heatwave drove European corn futures to contract highs last week. French corn growers are warning they could lose up to a third of their crop. Wheat is in the kernel filling phase in Germany and Poland. Crop scouts in northern Germany say this past week’s heat wave took down yields by 1 mt/ha (15bu/ac). A second wave is coming later this week. Germany produces almost as much wheat (22 million mts) as Ukraine (24 million mts).
Soil moisture in France fell drastically during the last week. Soil moisture reserves are minimum as a second heat dome with over 40°C (104°F) moves in.
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