(Illustration by Nick Scalise)
grains
OMAHA (DTN) — Row crops are higher after Sunday night’s open as the 7-day forecast calls for only light rain amounts for the central and eastern Midwest. December corn is up 3 1/2 cents and November soybeans are up 3 cents. Scattered showers fell over the weekend, mostly from Nebraska to Texas, while much of the Midwest remains dry. KC wheat is up 4 3/4 cents in July and Minneapolis wheat is up 2 1/4 cents in July. Crude oil rose $1.50 in July after multiple media outlets reported that OPEC agreed to cut oil production by 1 million barrels a day from July. The move will result in global oil supplies remaining tight — possibly too tight — relative to demand. Dow Jones futures are up 6 points. US Dollar Index is up 0.15 and August Gold is down $4.50. As expected, President Joe Biden signed the debt ceiling bill into law over the weekend.
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