Corn Belt Rains are BACK! Drought Buster? Planting Delays??

Grain Markets and Other Stuff

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USDA's Weekly Drought Monitor: Light to moderate precipitation across the Corn Belt last week brought relief to many areas, improving conditions in parts of Minnesota, Missouri, Illinois, Michigan, and Wisconsin, as well as in parts of Iowa. However, dry conditions persisted in southern Missouri and western Kentucky, leading to expanding drought conditions in those areas. Additionally, above-normal temperatures and dry weather in the High Plains worsened conditions in central and western Kansas, the panhandle of Oklahoma, and eastern South Dakota. Drought remains a concern for various agricultural sectors. 🌧️🌾
US Wheat Futures Rally: US wheat futures rallied on Thursday, with the Jul24 Kansas City contract gaining over 10 cents and reaching its highest close since late December. The rally, which has seen the contract gain nearly $1 per bushel since early March, has been influenced by factors such as developments in the Black Sea region, potential Indian imports, and declining US crop ratings. The contract has closed higher for six consecutive days, reflecting market optimism. 🌾📈
Upcoming Climate Model for Ethanol Producers: The Biden administration is set to release a climate model next Tuesday that will determine how ethanol producers can qualify for Sustainable Aviation Fuel (SAF) subsidies through climate-smart agriculture practices. These practices include the use of cover crops, efficient tilling, and fertilizer application. The model is expected to be more restrictive for corn ethanol than initially anticipated, according to reports from Reuters earlier this month. 🌱🛢️
US Economic Growth Slows: US economic growth in the first quarter fell to a level not seen in almost two years, with GDP increasing at a 1.6% annualized rate, below economists' projections. Inflation rose more than expected during the same period, with the personal consumption expenditure price index climbing to 3.7%. The service sector's 5.1% increase was the main driver of inflation. These developments may lead to increased pressure on the Federal Reserve to delay rate cuts further and even consider raising rates. 📉💰