Chart of the Day
As CBOT corn hit fresh contract lows on Wednesday, European corn futures surged to contract highs. An extreme heatwave over western Europe, combined with prolonged dryness, has rallied November Euronext maize futures by more than 7% over the last seven sessions. USDA predicts that the European Union will harvest 2.26 billion bushels of corn in 2026/27, but that forecast could be in jeopardy.
Weather
Discussion has increased over the last couple days about the high temperatures coming to the Midwest starting next week. Most forecasters are in agreement that the ridge will continue to push west through the first week of July and then return to normal/slightly below normal temperatures through the rest of July. The NOAA Week's 3-4 maps below are in agreeance with that idea. There are a few forecasters thinking that the dome of heat could linger longer into the month. Precipitation could be hit and miss through the Midwest that week, but concerns for severe weather is on the rise.
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