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Tidbits, USD, Markets & Rain Days Update 6/3/23

Highlights


The weekly US Drought Monitor this week has corn producing areas in a certified drought increased by 8% to 34% overall. Humidity yesterday afternoon in Ohio was in the 25% area, Indiana was in the 35% area and most of the Corn Belt States further west and north were in the 45% humidity level.

The Senate passed the debt ceiling bill late Thursday 63 to 36. All markets breathed a collective (but unnecessary) sigh of relief. The USA was never going to default on its national debt. That is at least 5 to 20 years away, depending on who is running this country in the coming years.

July corn settled yesterday above the 50-day moving average for the first time since April 19th. Most technicians would say that is a serious bullish indicator. In yesterday's weekly export sales report, China bought more corn than it cancelled for only the second week since April 19th.

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