Brazil’s 2020/21 safrinha crop saw another frost event, which may lower yields on late-maturing corn. China’s Henan province, which produces about 10 percent of the country’s corn crop, has seen excessive flooding this week with some crop and livestock losses likely.
Weather models change often, and on Thursday, Jul. 22, forecasts showed a higher chance for rain in the U.S. is expected in early August, albeit very slight. With grain futures markets primarily focused on weather at this time, the improved chance for rain led to some selling.
Over the next ten days, prior to the window with an improved chance for rain, hot and dry temperatures are still expected to lower soil moisture and raise crop stress in the Grain Belt.