Grains were weaker overnight, led by soybeans. In outside markets, the US dollar was higher while equity futures came under pressure.
The dollar rose to a three-week high against the euro and a basket of currencies on Wednesday on renewed expectations that the Federal Reserve could raise interest rates soon. Stock markets in Europe and Asia weakened on Wednesday in the wake of accelerating U.S. inflation and comments from Federal Reserve officials that rekindled prospects of an interest rate rise within months.
Showers are exiting the far eastern Corn Belt currently, and a system later this week has shifted farther to the south. This will allow most of the eastern Corn Belt to remain dry until the latter 1/2 of the 6 to 10 day, with intermittent showers during the balance of the 15-day period resulting in brief interruptions. However, the seeding pace should improve, particularly as warmer weather develops early next week."
Showers will still move through the Delta/Southeast on Friday/Saturday, but drier weather will then also aid late fieldwork in these areas until the 11 to 15 day. The wettest 6 to 15 day conditions are expected from the Plains into the southwest Midwest, with extensive rain also occurring in the far S. Plains in the next two days. While the moisture is aiding winter wheat yields during late growth, the active pattern will also hinder maturing wheat in Texas/Oklahoma.
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