Chart of the Day
CBOT July soybeans posted 5.5% losses last week, their worst performance in the first five sessions of June since 1994, a year with exceptionally strong U.S. corn and soybean crops. Fourteen of the last 17 trading sessions have featured losses for July soybeans.
Weather
Monday's rain event in the Eastern Corn Belt stretched from Minnesota down to Alabama and Georgia. A couple tenths to a half inch was very common coverage, with swaths of 1-3 inches in Central Missouri, Eastern Iowa and Central Illinois. Tuesday's forecast will see more scattered showers in the Midwest, with potential for heavier rains in Eastern Kansas. Below are the Convective Outlook Maps for Wednesday and Thursday. There's an elevated risk of severe weather to move through the Upper Midwest and Great Plains. Meteorologist have been talking about this set up for several days, with concerns that all modes of severe weather will be on the table from the Dakotas through Iowa and Wisconsin midweek.
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