The Tuesday HOT TAKE

May 30

What’s HOT

No doubt about it - summer is here.

The maps have been warning us for weeks as both the 6-10 and 8-14 day temperature outlooks have projected warmer-than-normal temps throughout a sizable portion of US growing regions.

Making matters worse, many of the ‘hot’ spots have had a serious lack of rainfall the past two weeks:

As a result, corn jumped nearly 9% last week for its largest one-week gain since July 2022. The market has been on the hunt for reasons to argue USDA’s 181.5 bpa trend yield and this combination of heat and lack of rain did just that.