Market Perspectives – August 17, 2023

U.S. Weather/Crop Progress

U.S. Drought Monitor Weather Forecast: According to the Weather Prediction Center (WPC), during the next five days (Aug. 17-22, 2023), significant rainfall is expected across parts of the Southwest and California as Tropical Storm Hillary approaches the California-Mexico border. While the storm is expected to reach hurricane status, forecasts call for it to weaken before making landfall due to cooler ocean temperatures and land interactions. Rainfall totals of 2–4 inches with isolated areas over 6 inches are expected — a considerable amount of rain for the dry Southwest. Rain is also expected across the Northwest and northern Rockies. Much of the rest of the country looks to remain mostly dry, with the exception of Florida and the Gulf Coast. Meanwhile, a heat wave will build over the southern and central U.S. into the Midwest. Daytime highs are expected to be 10-20 degrees above normal in some places, equating to highs near 100 degrees in places such as the upper Midwest.

Moving into next week, the Climate Prediction Center’s 6-10 day outlook (valid Aug. 22-26, 2023) calls for an increased probability of above-normal temperatures throughout most of the Lower 48 states and much of Alaska. The only areas where below- or near-normal temperatures are favored include the Northeast, western Alaska and parts of the Southwest. Above-normal precipitation is favored across much of the western half of the U.S., parts of the Northeast, south Texas, South Florida and much of Alaska.

Follow this link to view current U.S. and international weather patterns and future outlook: Weather and Crop Bulletin.