Back from the weekend and ready to start the final week of July, traders will be keeping a close eye on the latest weather forecasts, straining to get a glimpse of the possibilities in August. A report on U.S. new home sales for June is due out at 9 a.m. CDT, followed by USDA's weekly report of grain export inspections at 10 a.m. USDA's Crop Progress report is set for 3 p.m. and lower crop ratings seem likely, given the past week's lack of significant rain.
Weather
Periods of scattered showers will be found across the northern tier of the country and also from the Southern Plains to the Mid-Atlantic down to the Gulf Coast. The showers may have some localized benefit across the drier northwestern areas but are not expected to have a widespread effect. Temperatures approaching or eclipsing 100 degrees Fahrenheit will put stress on reproductive crops in drought areas.