1. August heat rolls in: The United States Corn Belt will see hotter conditions in most areas this week. The Midwest sees more chances of showers, potentially severe, but those will be hit-and-miss through the week. Things are hotter and drier in the Plains, warmer as well in the Northern Plains and into Canada. Northern corn and soybeans crops can use some warmth after a cool and late start. What's unlikely is more rain to help.
2. Crop condition watch: With weather systems turning warmer and rain spottier, we'll dig into the latest USDA NASs weekly Crop Progress report numbers Monday afternoon to judge where the overall crop sits as August moves in.
3. New interest rate? As we note below, Wednesday is the second day of the July meeting of the Federal Open Market Committee, followed by announcement of any adjustments to federal funds interest rates. The usual press conference with Fed Chair Jerome Powell is later Wednesday afternoon. Our Under the Agridome columnist Philip Shaw recently wrote about how Canada has lowered its interest rate and the possible impact. See:
4. Wildfire watch: As wildfires grow in the U.S. and Canada, we'll be tracking damage areas. During the last few days several communities have had to be evacuated as fires spread.
5. Economic reports to watch: Monday. At 10 a.m., we see the latest Grain Inspections numbers. At 2 p.m. USDA releases Livestock and Meat Domestic Data plus Egg Products numbers. At 3 p.m. we have the USDA NASS weekly Crop Progress report including DTN analysis of those numbers. Tuesday sees the 8:15 a.m. Case-Shiller Home Price Index, followed by the 9 a.m. release of Consumer Confidence and Job Openings data. Wednesday reports begin at 7:15 a.m. with ADP Employment stats, then 9 a.m. the release of the Pending Home Sales Index. At 1 p.m., we'll get the FOMC Interest Rate Decision, followed by Fed Chair Powell's press conference at 1:30 p.m. At 2 p.m. we'll see Agricultural Prices and Broiler Hatchery reports. Thursday kicks off with Grain Export Sales and Initial Jobs Claims data at 7:30 a.m., then the 8:45 a.m. comes the S&P U.S. Manufacturing PMI data. At 9 a.m., Construction Spending. Friday reports start at 7:30 a.m. with U.S. employment report and U.S. Unemployment Rate and Hourly Wages. At 9 a.m. the latest Factory Orders data is released, then at 2:30 p.m. the CFTC Commitment of Traders report is released.