Notis said the next two weeks are a crucial turning point in determining the rest of the summer. He added that fall conditions could be fairly wet. A hot dome tends to maintain stable conditions and suppress precipitation. This type of system has settled over Texas causing many problems with cotton crops there. It may still expand into the Midwest, pushing the jet stream north and nudging storms and precipitation just north of the Corn Belt later in July and August.
Market analysts say severe weather possibilities are cause for concern.
Ltd. Mortensen said the USDA acreage report was almost expected. It was like there were acres missing. She noted that today's market was moved more by the weather outlooks than the report. The weather will continue to be the driving force in the coming weeks. However, the report did not take into account the current conditions of crops that have been damaged by wet conditions during June.