Weather always plays a very important role in our food supply and that role transcends directly to grains and grain stocks. Heat advisories are in effect for counties in Montana, North Dakota, South Dakota, Minnesota, and Wisconsin as hot conditions persist across the Corn Belt. The National Weather Service said early this morning that heat indexes in southern North Dakota and northern South Dakota with temperatures that could exceed the 100° F levels for this afternoon.
While the weather prediction is for thunderstorms that expect to bring rain to parts of Nebraska, Iowa, and Illinois as the weekend nears, the prospects of this likely improving crop prospects in those states is high. In overnight futures price action, November expiration Soybean futures fell 13¢ to $12.06 3/4 a bushel, soybean meal dropped $3.10 to $318.20 a short ton, and soy oil rose 0.08¢ to 69.01¢ a pound.
Meanwhile, December corn futures declined 3¢ to $4.775 a bushel, September wheat futures slipped 0.25¢ to $6.62 1/4 a bushel, and Kansas City futures fell 1¢ to $7.25 1/4 a bushel.
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Today's actionable measurements for the grains segment (ZSX26) (ZMU26) (ZCZ26) (ZLZ26) (ZWU26) (ZOZ26)Â
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