Forecast of heavy rains in the US and the Canadian prairies increase pressure on soybean and corn prices

This week, it rained in most of the Midwest of the USA , especially in the central regions of the “corn belt” – the states of Michigan and Illinois, where dry weather prevailed against the background of heat.

Rainfall will continue next week, dropping temperatures from 30-33 ^° C to 28-30 ^° C, which will reduce stress on soybean and corn crops.

The Southern Plains of the United States will experience two waves of rain during the week, which will delay the harvesting of winter wheat, but will replenish the reserves of soil moisture in soybean and corn crops. The Northern Plains also experienced rains that will continue next week. Temperatures will be above normal, but overall the weather will favor the development of soybean and spring wheat crops.

In Canada, favorable weather conditions have developed for the development of canola and spring wheat crops. Rain will continue next week, however, as in the US, there is almost no precipitation in some areas, so southern Alberta and northern Saskatchewan remain moisture-deficient amid above-normal temperatures.

Several fronts brought precipitation to Europe this week, especially in northern regions, although some areas did not receive any rain. Another wave of rain will pass next week, which will reduce drought conditions in the north of the region. In general, the conditions favor the cultivation of corn and spring wheat.

Rains will begin in the Black Sea region from the weekend, which will delay the ripening and harvesting of winter wheat, but will promote the development of soybean, corn and sunflower crops.

In the Russian Federation, according to Rosstat, 4.3% of the area or 250,000 hectares of winter crops were destroyed, which is 4 times greater than the losses in 2022, when the country harvested a record harvest of 157.7 million tons.

Tags: prices, soybean, Canada, Black Sea region, USA, corn, EU