There appears to be few more scattered showers predicted at the end of the ten day forecast for many areas of the Corn Belt. The next five days of weather look the same as it did when the CBOT closed on Friday.
One of the most severe marine heatwaves on Earth has developed off the coast of Ireland and the UK, with water temperatures as high as 4-5°C above normal. Meanwhile, the Pacific Decadal Oscillation (PDO) in the northeast Pacific is in its cold phase and continues to bring lower temperatures and less precipitation to most of the North American Midwest as it completely over rides (as expected) the El Niño’s characteristics of a cool, cloudy and wet Corn Belt.
Russian presidential spokesman Dmitry Peskov said yesterday that the Ukraine Grain Corridor Deal had no chance of being extended on July 18th. The previous day, Foreign Minister Sergei Lavrov spoke about the senselessness of extending the grain deal because only the Ukrainian part of the deal works and even then not in the context proposed by the UN Secretary General.