The withering heat hitting U.S. crop-growing areas is expected to subside within the next 36-48 hours, says Gary Sandlund of Futures International in a note. "The U.S. weather and oppressive heat will be gone...returning to normal and even slightly below normal temps thru July 15th now which is nearly perfect for corn pollination," says Sandlund. The National Weather Service had forecast yesterday that temperatures would stay above average in much of the Corn Belt over the next 6-10 days, which was supportive for grain futures. Grains are up again today, ahead of the long holiday weekend--although they're paring some overnight gains. CBOT corn is up 0.5%, soybeans rise 0.4%, and wheat climbs 1%. (kirk.maltais@wsj.com)
Dow Jones Newswires
Heatwave Hitting Crop-Growing Areas Expected to Subside — Market Talk
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The withering heat hitting U.S. crop-growing areas is expected to subside within the next 36-48 hours, says Gary Sandlund of Futures International in a note. "The U.S. weather and oppressive heat will be gone...returning to normal and even slightly below normal temps thru July 15th now which is nea…