Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 15,303.10 +8.60 0.06%
S&P 500 1,649.60 -0.91 -0.06%
Nasdaq 3,459.14 -0.27 -0.01%
Ticker Volume Price Price Delta
STOXX 50 2,764.29 -12.49 -0.45%
FTSE 100 6,654.34 -42.45 -0.63%
DAX 8,305.32 -46.66 -0.56%
Ticker Volume Price Price Delta
Nikkei 14,612.50 +128.47 0.89%
Hang Seng 22,618.70 -51.01 -0.23%
S&P/ASX 200 4,983.50 -78.95 -1.56%

Midwest Rains Won’t Dent Drought or Help Crops

The Midwest, where record amounts of rain fell in some places yesterday, may remain abnormally dry through the first week of August and the moisture probably won’t be enough to help drought conditions there, forecasters said.

Flood advisories were still in force in North Dakota and Minnesota following the thunderstorms, according to the National Weather Service. The storms were local and didn’t extend across the rest of the region.

It’s possible rain will fall across a much larger area, including Iowa and Illinois, through the next week, said Joel Widenor, of Commodity Weather Group LLC in Bethesda, Maryland.

“This will ease moisture stress a bit, temporarily, in these areas, but will be insufficient for a major turnaround in soil moisture,” said Widenor, co-founder of the company.

Corn and soybean crops are in their worst state since 1988 as drought covers at least 56 percent of the contiguous 48 U.S. states. The lack of a soaking rain in the forecast and the persistence of temperatures 5 to 8 degrees Fahrenheit (2.8 to 4.4 Celsius) above normal until at least Aug. 8 have contributed to a rise in prices.

The U.S. Drought Monitor, which measures the extent of drought nationwide, is scheduled to release an update tomorrow.

As of July 22, 26 percent of U.S. corn and 31 percent of soybeans were in good to excellent condition, the lowest for the date since 1988, according to the Agriculture Department.

In Fargo, North Dakota, 2.35 inches (6 centimeters) of rain fell yesterday an all-time high for the day that broke the old mark set in 1993, according to the Weather Service. A daily record 1.69 inches fell in Minneapolis, according to the agency. The rain caused minor flooding.

Iowa Heat

Farther south, in Des Moines, Iowa, today’s high temperature is expected to reach 104 degrees and there is a slight chance of thunderstorms later today, according to the Weather Service. Chicago may reach 99.

While the heat remains fixed over the Midwest, there is a possibility that temperatures will rise about 3 degrees above normal in the U.S. Northeast from Aug. 4 to Aug. 8, according to Commodity Weather Group President Matt Rogers.

Computer modeling shows another heat wave may strike the East Coast during the week of Aug. 6, he said.

Heat in the large cities along the East Coast raises demand for electricity as people turn to air conditioners to cool off. The increase raises prices on the spot markets and for the fuels, such as natural gas, used to generate power.

The normal average temperature in New York for Aug. 1 is 78, according to MDA EarthSat Weather in Gaithersburg, Maryland. It’s 74 in Boston; 80 in Washington; 85 in Houston; 76 in Chicago; 80 in Atlanta; 67 in Seattle and 76 in Burbank, California.

To contact the reporter on this story: Brian K. Sullivan in Boston at bsullivan10@bloomberg.net

To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net

Enlarge image Midwest Rains Won’t Dent Drought or Help Crops, Forecaster

Midwest Rains Won’t Dent Drought or Help Crops, Forecaster

Midwest Rains Won’t Dent Drought or Help Crops, Forecaster

Daniel Acker/Bloomberg

A boat sits in a dry section of the Morse Reservoir, one of three reservoirs which supply water to nearby Indianapolis, in Cicero, Indiana.

A boat sits in a dry section of the Morse Reservoir, one of three reservoirs which supply water to nearby Indianapolis, in Cicero, Indiana. Photographer: Daniel Acker/Bloomberg

Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.

Personal Finance Best Sellers From Amazon

Key Rates

  • Mortgage
  • Home Equity
  • Savings
  • Auto
  • Credit Cards
Today’s national average mortgage rates. Rates may include points.
Type Today 1 Mo
30 Year Fixed Jumbo 4.05% 3.92%
30 Year Fixed 3.75% 3.47%
15 Year Fixed 2.89% 2.71%
10 Year Fixed 2.98% 3.00%
30 Year Fixed Refi 3.74% 3.46%
15 Year Fixed Refi 2.89% 2.69%
5/1 ARM 2.66% 2.61%
5/1 ARM Refi 2.64% 2.57%
View rates in your area »

Source: Bankrate.com

Today’s average home equity rates nationwide.
Type Today 1 Mo
$30K HELOC 5.34% 5.24%
$50K HELOC 4.56% 4.53%
$75K HELOC 4.57% 4.53%
$100K HELOC 4.27% 4.21%
$30K Home Equity Loan 5.95% 6.06%
$50K Home Equity Loan 5.97% 6.02%
$75K Home Equity Loan 5.94% 5.99%
$100K Home Equity Loan 5.80% 5.84%
View rates in your area »

Source: Bankrate.com

Today’s average savings rates nationwide.
Type Today 1 Mo
5 Year CD 1.24% 1.21%
2 Year CD 0.70% 0.66%
1 Year CD 0.57% 0.52%
MMA $10K+ 0.47% 0.50%
MMA $50K+ 0.69% 0.70%
MMA Savings Jumbo 0.58% 0.60%
View rates in your area »

Source: Bankrate.com

Today’s average auto loan rates nationwide.
Type Today 1 Mo
60 Months Used Car 2.97% 3.19%
48 Months Used Car 2.92% 3.13%
36 Months Used Car 2.88% 2.96%
72 Months New Car 2.45% 2.96%
60 Months New Car 2.54% 2.67%
48 Months New Car 2.45% 2.58%
60 Months Auto Refi 4.15% 4.36%
36 Months Auto Refi 3.60% 3.76%
View rates in your area »

Source: Bankrate.com

Today’s average credit card rates nationwide.
Type Today 1 Mo
Standard Variable 14.12% 14.12%
Standard Fixed 13.23% 13.23%
Gold Variable 12.70% 12.70%
Gold Fixed 11.99% 11.99%
Platinum Variable 15.53% 15.57%
Platinum Fixed 12.70% 12.70%
View rates in your area »

Source: Bankrate.com