Heat Wave Hits US Grain Belt, Prices Decline

Extreme heat is affecting grain production in the US Midwest, with multiple states under heat advisories. According to Murali Sarma, hot conditions are persisting across the Corn Belt, with temperatures expected to exceed 100°F in parts of North Dakota and South Dakota on Wednesday. The National Weather Service predicted thunderstorms bringing rain to Nebraska, Iowa, and Illinois over the weekend, which could improve crop prospects.

Overnight futures price action saw declines in grains: November Soybean futures fell 13¢ to $12.06 3/4 a bushel, soybean meal dropped $3.10 to $318.20 a short ton, and soy oil rose 0.08¢ to 69.01¢ a pound. December corn futures declined 3¢ to $4.775 a bushel, September wheat futures slipped 0.25¢ to $6.62 1/4 a bushel, and Kansas City futures fell 1¢ to $7.25 1/4 a bushel.