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Overnight Highlights |
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Commodity Weather Group Forecast |
In North America, showers favored the TX Panhandle, southern/western OK, northeast CO, west-central NE, southern/ western SD, central IA, central WI, north-central/southwest IL, southern AR, and LA in the past day. Midwest highs ranged from the 70s near the Great Lakes to low 90s southwest. Rains favor the northwest Midwest and then head southeastward, exiting the east Thursday. Additional rain chances in the 6 to 15 day will also produce patchy coverage from bands of thundershowers around the edge of the ridge, but the most limited rain chances will likely be in parts of southern IN, southern IL, southern IA, eastern MO, southern NE, and the northern Delta during the next two weeks. The lack of more general rains will allow moisture supplies to slip most notably in these areas (at least 1/3 of the corn belt). However, today’s outlook also starts to shift the focus for the hottest ridging farther west in the U.S. in the 6 to 15 day, limiting the risks for severe heat in the corn belt. The hottest weather will likely focus on KS, NE, and MO through Monday (mid 90s or better), with a brief expansion possible in the western corn belt on Sunday/Monday. The 16 to 30 day outlook is driest and most prone to building stress in the southeast 1/2 of the Midwest if a stronger pulse of heat returns during early corn pollination. The European model is stronger with Midwest heat early in the 16 to 30 day than our forecast but does also show another moderation later in the period. In South America, Brazil corn/sugar areas remain dry this week. Rains develop across the southern 1/3 of the corn belt this weekend into early next week, slowing harvest. Drier weather returns in the 11 to 30 day. Argentina corn/soy harvest continues to benefit from mainly dry weather in the next two weeks. Showers are likely to increase in the north half of the belt in the 16 to 30 day, providing needed moisture for the wheat belt but also slowing corn harvest progress. |
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All opinions expressed in this commentary are solely those of Water Street Advisory. This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. There is significant risk of loss involved in commodity futures and options trading and may not be suitable for all investors. |
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