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Tidbits, Markets & Rain Days Update 7/17/23

We have seen first-hand several soybean fields in Illinois and Indiana with yellow spots, like one would see in early September as the beans start to turn. Ron from north-central Illinois sent us this link about yellowing soybeans, which looks more serious:



No news about the grain corridor deal.

Corn Belt weather continues with a drier outlook into next week at least.

China will headline the economic news today with its second-quarter GDP growth, retail sales, industrial production, unemployment (June). The market expected China’s economic growth slowed significantly to just 0.5%, much lower than the 2.2% of the first quarter. However, the first news this morning was China's actual second quarter GDP growth came in at 0.8% and China's industrial output grew 4.4% in June from a year earlier. Retail sales were up 3.1%. Later this week China's central bank sets its key one and five-year lending rates.

Temperatures in many places around the world are setting all-time high records. Yesterday, Tehran’s International Airport in Iran reported a heat index of 152°F (66.7°C) at 12:30 pm. Sanbao, China not only scored the all-time heat record for China yesterday at 126°F (52.2°C), it was also the hottest temperature ever recorded north of 40° latitude. Xinjiang had 51°C actual yesterday.

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