Grains were mixed to start the week with corn trading lower, soybeans trading higher and wheat showing only modest gains going into the break.
Private forecaster Planalytics sees US corn yield at 166.9, off from their last forecast of 167.4 two weeks ago and well below USDA trend yield of 170.7. Most areas of the country are doing on par with normal, except for the Northern Plains of SD & ND where hot and dry conditions are taking a toll. Yields there are expected to be 10 or more bushels below trend based on current conditions.
For soybeans, Planalytics sees a 46.8 bushel yield for the US average. This is off 0.2 bushels from their previous forecast and below USDA’s yield of 48 bushels per acre. As in the case of corn, the Dakota’s are seeing the most downside in soybean yield based on current conditions.
Weather in Western Europe is expected to get turned up this week with intense heat stress expected. Areas of France, England and Germany are expected to see highs in the mid 90s to near 100s for much of this week. Next week should see a return to Normal. In the US, two storm systems will track thru the Midwest this week bringing rain to the Ohio River Valley and Southeast. The second system will bring rains of 0.5 inches to 2 inches from Iowa and Minnesota and up thru Michigan. The Northern Plains will continue to see limited rain potential.
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