Chart of the Day
End-June soybean oil stocks among NOPA members totaled 1.5 billion pounds, falling below all trade estimates for a second consecutive month. Stocks have quickly fallen to the low end of recent years after sitting at multi-year highs just a few months ago.
Weather
The extent of the heat wave in the Eastern Corn Belt is nearing its end as the weekend approaches. Rains are expected in that area starting Friday and going through the weekend. After a week of hot and dry weather, rains will be welcomed, and in some areas necessary, to maintain solid crop conditions. The Weeks 3-4 Outlook from NOAA CPC suggest a return to the dominant pattern of the summer with more normal temperatures and active rain patterns. There are some model runs starting to hint at a high pressure dome working back into the Eastern Corn Belt the first week of August, but that hasn't showed up on many expected forecasts yet.
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