Commodities Market Impact Weather

MINNEAPOLIS (DTN) -- A return to seasonable temperatures in the U.S. and another stretch of dryness in southern South America are the weather factors driving the markets Tuesday.

RISING TEMPERATURES IN MIDWEST

Temperatures are moderating in the Midwest this week. A front will move through on Thursday and Friday with some light showers, but the main system will come through Saturday and Sunday with more widespread precipitation, though mostly in the form of rain. Northwestern areas are unlikely to see any significant precipitation for the next week.

THANKSGIVING STORM IN CENTRAL AND SOUTHERN PLAINS

A system will dive into the Southern Plains later this week, producing scattered showers Thursday through Saturday before moving northeast out of the region. While some good precipitation may fall in west Texas and Oklahoma, it should be lighter elsewhere, especially where drought is the worst. Accumulating snow will be possible around the Texas Panhandle.

BRIEF WARMUP IN NORTHERN PLAINS

Temperatures are moderating in the Northern Plains this week and will even go above normal for a couple of days, though snowpack could keep them down a bit in North Dakota. A system will move through this weekend or early next week with some light precipitation, but temperatures will fall again behind it. Another system could bring heavy precipitation around the middle of next week.

RIVER LEVELS FALLING ON LOWER MISSISSIPPI

Recent precipitation to the north of the Delta has improved water levels on the Mississippi River, but that is only temporary as the water levels will fall throughout the week. A system will bring scattered showers to the area Thursday through Saturday, which may produce some improvements or hold off the decline.

SOUTHERN BRAZIL GOING DRY AGAIN

Scattered showers will continue in central and northern Brazil as is typical for this time of year. Southern areas are seeing a brief return of rain with a cold front, but that ends Tuesday. After a dry rest of the week, showers could fill back in over the weekend or early next week. Precipitation has been below normal over southern areas for the last month. Good rains earlier in the spring have set corn and soybeans in mostly good shape to start the season, but soil moisture is starting to fall across the south and concerns are growing about increasing dryness where rains are disappointing as early planted crops are getting closer to pollinating stages.

ARGENTINA DRY ALL WEEK

Isolated showers moved through Argentina this weekend and hit areas that were missed last weekend. Soil moisture is still not favorable and dryness is expected for the next week. The dryness and drought continue to be concerns until showers become more consistent.

SHOWERS CONTINUING IN THE BLACK SEA

Scattered showers moved through the Black Sea region over the weekend and continue in a few bursts this week as well. Soil moisture is mostly good for wheat before it goes dormant over the next couple of weeks. Prospects are high for a good crop depending on how much was able to be planted this fall.

AUSTRALIA DRYING OUT

Scattered showers went through southeastern Australia over the weekend, but most areas stayed dry and showers were more limited than forecast. Recent heavy rains in the east have caused quality concerns for winter wheat and canola over the winter and spring but have also led to forecasts for record yields. Drier weather this week should help crops dry out for harvest, which is starting to pick up. More isolated showers are possible this weekend.

John Baranick can be reached at john.baranick@dtn.com

(c) Copyright 2022 DTN, LLC. All rights reserved.