Recent heavy rains from the southwestern to the northcentral Grain Belt replenished topsoil moisture ahead of a warmer and drier stretch of weather. Beneficial drying is expected across the southern areas, where soil moisture is adequate, as well.
As soil moisture is already low in the northwestern region, any rain will be beneficial there. Some rain is expected in the northwestern states over the next 10 days, but more will be needed beyond that to prevent significant crop stress.
Several rivers within the Grain Belt are at minor to moderate flood levels but are expected to recede by next week if limited rain forecasts hold true.
This is overall bearish for both U.S. corn and soybean markets, as above-average shares of the crops are already planted, and key producing states will likely have close to ideal fieldwork and growing conditions over the next few weeks.
Drier Midwestern conditions also bode well for winter wheat crops, which are susceptible to wet-weather diseases during the summer months.
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