Back from the weekend, traders are looking close at this week's rain chances and will keep close track of actual rainfall amounts before a drier forecast returns in August. USDA's weekly report of grain export inspections is set for 10 a.m. CDT Monday, followed by the Crop Progress report at 3 p.m. Traders will also be watching outside markets with another rate hike expected from the Fed on Wednesday.
Weather
Two cold fronts are working through the Corn Belt on Monday. Across the south, widespread moderate to heavy rain is forecast while more scattered showers are moving into the Northern Plains. Rain may be heavy for flooding, even in drought areas across the southern Corn Belt. Temperatures are also much cooler behind the fronts, reducing stress for row crops and wheat. Meanwhile, heat continues south of the fronts in the Southern Plains and Delta, and is building in the Pacific Northwest, where temperatures and dryness will increase stress on spring wheat.