Worries over dry weather, coupled with rising export enthusiasm, sparked a round of technical buying that pushed grain prices significantly higher. Corn captured gains of nearly 1%, with soybeans up nearly 2% and some wheat contracts moving as much as 2.5% higher today.
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According to the latest U.S. Drought Monitor updates, out this morning, 57.6% of the country is now affected by drought through August 25, up from 54% a week ago. The Western U.S. has the most sever conditions, although the Midwest is seeing some problems pop up throughout Iowa, northern Illinois, northern Indiana, southern Michigan and Ohio. Nearly 40% of the region overall is at least abnormally dry. NOAA’s latest 8-to-14-day outlook signals some relief, however, with seasonally wet conditions likely east of the Mississippi River between September 3 and September 9. On Wall St., expectations that interest rates could stay low for the foreseeable future (thanks to a new plan from the Federal Reserve) pushed the Dow 257 points higher in afternoon trading to 28,588, making it back to pre-pandemic levels. Energy futures sagged, with crude oil down more than 1% to fall back below $43 per barrel. Diesel dropped nearly 3% this afternoon, with gasoline tumbling more than 5% lower. The ...
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