Notes from the turret...
As expected in yesterday's article, corn (NYSEARCA:CORN) and soybeans (NYSEARCA:SOYB) are expected to rise next week due to worsening crop conditions. The Chicago Tribune reports via Reuters that the barge terminals at Savage MN (for CHS Inc and Cargill) may not ship at all next week.
More rain will fall next week. The water will flow down the Mississippi next week and flood fields along the Iowa-Illinois border. It will gradually affect Missouri fields prone to flooding. The heavy rain across the Mississippi River Valley will diminish towards July as heat builds across the Great Plains.
The India monsoon is very weak. I am not at all optimistic about it.
El Nino continues to chug along. The warmer sea-surface temperatures continue to flow back to the west.
I am watching the Gulf of Mexico and Caribbean Sea. There's a strong system poised to move through the area July 5-15. My newsletter readers will be the first to know (from me, anyway).
Have a dandy weekend.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.