Much of the northwestern Grain Belt has experienced drought conditions in recent months, which are expected to continue for another few weeks, at least. As of Jun. 30, NOAA’s one-month outlook features above-average temperatures and below-average rains in the Dakotas, Minnesota, Wisconsin, Iowa, and Nebraska.
If realized, this forecast would be unfavorable for corn and soybean crop development, likely raising crop stress and lowering yield potential. Both corn and soybean crop ratings are already down notably from a month ago, and they may continue to trend lower. The market will continue to closely monitor these conditions, which seem set to add support to futures prices.
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