Chart of the Day
Although it was by the narrowest of margins, U.S. soybean plantings on Tuesday came in below the average trade guess for a 12th consecutive June. The streak has survived wildly different market conditions, from $7.80 to $17.80 Chicago soybeans, ending stocks ranging from 92 million to 925 million bushels, historic acreage-slashing rains, a pandemic and two U.S.-China trade wars.
Feel From the Farm
Parke County, West Central Indiana
Nothing says summertime on the farm like finding the hottest day of the year to ride an open station John Deere 4010 and bale hay. We have 150 acres of hay the goes toward feeding our own cattle, but mainly we sell to the local market consisting of small Amish farms, other cattle feeders, and those that still own or board some horses. Crops have responded positively to the heat this week, but we need the rain in our forecast this weekend. If we don't get this, we will have to turn on our irrigation units next week. Hard to imagine that with all the rain we've had, but that's how it goes on the gravel.
Weather
Thursday should be the beginning of the end for the heat advisories/watches for the Midwest. Temperatures will remain high on the East Coast and Great Plains for a while longer. Scattered storms are possible in Northern Illinois, Northern Indiana, Wisconsin, and Iowa over the 4th of July weekend. Below are the GFS (top) and Euro (bottom) forecast for 14 day precipitation anomaly. GFS runs have been showing a return of a wetter pattern through the Corn Belt while the Euro is forecasting drier conditions for the first half of July.
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