NOAA Updates It’s July 2023 Outlook on June 30, 2023- It is a dramatic change from the Mid-Month Outlook

At the end of every month, NOAA updates its Outlook for the following month which in this case is July of 2023. We are reporting on that tonight.

There have been some significant changes in the Outlook for July and these are addressed in the NOAA Discussion so it is well worth reading. We highlighted some of the important statements within the NOAA Discussion. We also provided the prior Mid-Month Outlook for July for comparison.  From the NOAA Discussion:

  • El Niño is still present in the equatorial Pacific, and likely to remain in place for the entire month.
  • For the temperature outlook, the largest changes from the mid-month outlook to the updated outlook extend from the Northern and Central Rockies to High Plains, and across southern Alaska.
  • The outlook over the Northern and Central Rockies and High Plains now favors below-normal temperatures, largely influenced by the forecast conditions early in the month (Days 1-14).
  • The probabilities for above-normal temperatures are decreased over the Mississippi and Ohio River Valleys, reflective of the latest official outlooks and model guidance.
  • The precipitation outlook for Alaska has changed to favoring above-normal precipitation from the Alaska Peninsula northward across western Alaska to the Brooks Ranges and along the northern coast.
  • Hurricane Beatriz could trigger a monsoon moisture surge during the first half of July across the Southwest, so probabilities are mitigated compared to some model guidance.
  • Stronger signals  for above-normal precipitation are located over the Central Great Plains and Middle Mississippi Valley due to predicted rains in the first week exceeding the threshold for the below normal category on the monthly timescale.
  • Small portions of Texas are also likely to exceed that threshold during the first week of July.
  • During the remainder of the month, an active storm track is forecast from the Northern Rockies to the Ohio Valley and Northeast, which leads to enhanced probabilities of above-normal precipitation in those regions.
  • During July, a pattern change favors widespread above-normal rainfall extending from the central Plains across the Corn Belt and Northeast, with enhanced rainfall possibly extending southward to the southern Appalachians and Piedmont.

It may be easier to just look at the maps than digest the above.

The article includes the Drought Outlook for July. NOAA also adjusted the previously issued Seasonal Drought Outlook to reflect the changes in the July Outlook. We have also included the current fire incidents (dramatically decreased) and four months of Wildland Fire Potential Outlooks and also a map showingthe water-year-to-date precipitation. We also provide the Week 2/3 Tropical Outlook for the World.

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted July 1, 2023

Updated at 5:20 p.m. EDT Saturday July 1, 2023

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
356 PM EDT Sat Jul 01 2023

Valid 00Z Sun Jul 02 2023 – 00Z Tue Jul 04 2023

…Heavy rain with the risk of localized flash flooding and severe weather
stretching from the Northeast to the Mid-South Sunday…

…Excessive heat continues for portions of the South as well as
California and the Desert Southwest…

…Much above normal temperatures for portions of the Northern Plains and
Upper-Midwest ahead of rain/storm chances Monday…

30 June 2023 Market Close & Major Financial Headlines: Last Day Of June Begins With Wall Street Markets Opening Sharply Higher, Trading Sideways, Closing At Session Highs

Summary Of the Markets Today:

  • The Dow closed up 285 points or 0.84%,
  • Nasdaq closed up 1.45%,
  • S&P 500 closed up 1.23%,
  • Gold $1,928 up $9.80,
  • WTI crude oil settled at $71 up $0.66,
  • 10-year U.S. Treasury 3.819% down 0.035 points,
  • USD Index $102.92 down $0.43,
  • Bitcoin $30,418 down $175,
  • Baker Hughes Rig Count: U.S. -8 to 674 Canada -2 to 167

*Stock data, cryptocurrency, and commodity prices at the market closing.


Click here to read our Economic Forecast for July 2023


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Real disposable personal income (DPI), inflation-adjusted personal income less personal current taxes, increased 4.0% year-over-year, and real personal consumption expenditures (PCE) increased 2.1% year-over-year. Personal income remains on an up-trend whilst consumption expenditures remain little changed. The PCE price index, which is the data set the Federal Reserve uses to monitor inflation, moderated to 3.8% year-over-year. Excluding food and energy, the PCE price index increased 4.6% year-over-year. Please note that there has been little progress in reducing inflation when one excludes food and energy.

Chicago business barometer inched up to 41.5 in June from 40.4 in May, although a reading below 50 still indicates contraction. Pundits believe the Chicago Business Barometer is a window into the ISM manufacturing index. [graph below from RTT News]

Consumer sentiment rose 9% this month, a consensus improvement across all demographic groups. The year-ahead economic outlook soared 28% over last month, and long-run expectations rose 11% as well. Overall, this striking upswing reflects a recovery in attitudes generated by the early-month resolution of the debt ceiling crisis, along with more positive feelings over softening inflation. Views of their own personal financial situation were unchanged, however, as persistent high prices and expenses continued to weigh on consumers.

Here is a summary of headlines we are reading today:

  • Azerbaijan And NATO Deepen Ties
  • Bulls And Bears Face Off As Copper Outlook Flashes Mixed Signals
  • U.S. Oil And Gas Rig Counts Decline For Second Consecutive Month
  • The Freight Industry Dilemma: Legacy Leases And Saturated Market
  • Oil Prices Remain Rangebound Despite Growing Optimism
  • Russia Remains On The Brink Of Civil War
  • Supreme Court strikes down Biden’s student loan forgiveness plan
  • S&P 500 rises on Friday to close out big first half, Nasdaq posts best start to a year in 4 decades: Live updates
  • Bitcoin soars in first half of 2023, and fintech firm Revolut to delist altcoins: CNBC Crypto World
  • Futures Movers: Oil futures climb, with global prices registering the first monthly gain of the year but a 4th straight quarterly decline

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted June 30, 2023

Updated at 5:02 p.m. EDT Friday, June 30, 2023

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
340 PM EDT Fri Jun 30 2023

Valid 00Z Sat Jul 01 2023 – 00Z Mon Jul 03 2023

…More severe thunderstorms and areas of heavy rain to track eastward
from the central Plains to the Ohio Valley for the next couple of days…

…Excessive Heat Warnings and Advisories across much of California into
the Desert Southwest as well as through the lower and mid-Mississippi
Valley…

…Air Quality alerts over parts of the Midwest, Great Lakes, central
Appalachians, Northeast, and Mid-Atlantic…

29 June 2023 Market Close & Major Financial Headlines: Markets Opened Fractionally Lower, Trended Higher, Closing Near Session Highs

Summary Of the Markets Today:

  • The Dow closed up 270 points or 0.80%,
  • Nasdaq closed flat 0.00%,
  • S&P 500 closed up 0.45%,
  • Gold $1,916 down $6.10,
  • WTI crude oil settled at $70 up $0.28,
  • 10-year U.S. Treasury 3.842% up 0.128 points,
  • USD Index $103.33 up $0.42,
  • Bitcoin $30,617 up $543,

*Stock data, cryptocurrency, and commodity prices at the market closing.


Click here to read our Economic Forecast for July 2023


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

CoreLogic’s monthly Loan Performance Insights Report for April 2023 shows mortgage performance remained strong with overall delinquencies at minimal levels and serious delinquencies at a 23-year low. 2.8% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.1 percentage point decrease compared with 2.9% in April 2022 and a 0.2 percentage point increase compared with 2.6% in March 2023. So far, there is no indication of stress in the mortgage sector.

The third estimate of real gross domestic product (GDP) increased at an improved annual rate of 2.0%. In the fourth quarter, real GDP increased 2.6%.  The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending. Imports, which are a subtraction in the calculation of GDP, were revised down. The table below shows the changes in GDP estimates for 1Q2023.

Pending home sales shrunk 2.7% in May 2023 from the previous month and declined 22.2% year-over-year. Existing home sales remain in a depression. NAR Chief Economist Lawrence Yun added:

Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing. The lack of housing inventory continues to prevent housing demand from being fully realized.

In the week ending June 24, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 257,500, an increase of 1,500 from the previous week’s revised average. This is the highest level for this average since November 13, 2021 when it was 260,000. The previous week’s average was revised up by 250 from 255,750 to 256,000.

Here is a summary of headlines we are reading today:

  • How Russia’s Failed Coup Could Impact Global Commodities Markets
  • Putin’s Plummeting Political Clout Is A Disaster For Xi
  • Global Oil Reserves Could Increase Global Temperatures By 0.2°C
  • Supreme Court rejects affirmative action at colleges as unconstitutional
  • Dow closes 200 points higher as major banks pop on stress test results, GDP revised upward: Live updates
  • Virgin Galactic completes first commercial flight in major step for space tourism company
  • Fed paper argues ‘bleak’ stock market returns could slide to 2% annually
  • Movers & Shakers: Bank of America, Rite Aid stocks rise, Micron and Virgin Galactic shares fall, and other stocks on the move

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Weekly Crop Report June 29, 2023

This article is based primarily on the June 27, 2023, USDA Crop Bulletin which covers the June 19 to June 25 period of time. The USDA report usually becomes available on Tuesdays but due to a personal problem, I was not able to publish it until Wednesday night.

It now seems more like an average crop.  Both corn and soybeans had a very good start but the quality of the crop has been somewhat compromised by drought. Soybeans are doing a bit better than corn. The condition report is a bit worse this week. The weather was not that bad but key crops did not recover from a long period of inadequate precipitation.

We also include the recent report on cattle on feed. I vary these reports to give readers information on different crops.

The article includes a short international review of agricultural conditions.

We begin with the National Agriculture Summary.  The Tables below the summary have additional data. The boxes with my comments may be incomplete so for crops of interest check the data out yourself to be sure.

Tonight, Tomorrow, Next Day, Five Days, and Intermediate-Term Outlooks for the U.S. and a Six-Day Forecast for the World: posted June 29, 2023

Update at 6:46 p.m. on Thursday, June 29, 2023

Here is what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term outlooks and a five-day World weather forecast.

We start with the U.S. Information.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
356 PM EDT Thu Jun 29 2023

Valid 00Z Fri Jun 30 2023 – 00Z Sun Jul 02 2023

…Slight Risks of Excessive Rainfall are in effect over the central US on
Thursday and Saturday…

…There is an Moderate Risk of severe thunderstorms over parts of the
Middle Mississippi and Ohio Valleys on Thursday, and an Enhanced Risk of
severe weather over the Central High Plains Thursday evening…

…Excessive Heat Warnings and Advisories over parts of the
Central/Southern Plains, Middle/Lower Mississippi Valley, and Central Gulf
Coast…

…Air Quality alerts over parts of the Upper/Middle Mississippi Valley,
Great Lakes, Western Ohio Valley, Central Appalachians, Northeast, and
Mid-Atlantic…

28 June 2023 Market Close & Major Financial Headlines: Wall Street Trading Mostly Sideways Near The Unchanged Line, Markets Closed Mixed

Summary Of the Markets Today:

  • The Dow closed down 74 points or 0.22%,
  • Nasdaq closed up 0.27%,
  • S&P 500 closed down 0.04%,
  • Gold $1,919 down $4.50,
  • WTI crude oil settled at $69 up $1.64,
  • 10-year U.S. Treasury 3.716% down 0.052 points,
  • USD Index $102.96 up $0.47,
  • Bitcoin $30,085 down $606,

*Stock data, cryptocurrency, and commodity prices at the market closing.


Click here to read our Economic Forecast for June 2023


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

None

Here is a summary of headlines we are reading today:

  • Sanctioned Goods Are Sneaking Into Russia Through Kazakhstan
  • Russian Aluminum Stockpiles Undermine LME’s Credibility
  • EIA: Energy Trade Between U.S. And Mexico Hits Record Levels
  • China To Release Millions Of Barrels Of Imported Oil Stuck At Ports
  • U.S. Clean Energy Jobs Jumped In 2022
  • Nvidia’s chips fuel A.I. — here’s why the U.S. worries about China’s access
  • S&P 500 closes near flat as Powell warns that more restrictive policy could be on the way: Live updates
  • The S&P 500 is headed for a big first-half gain. Three key stocks have more than doubled
  • “We’re In The Midst Of A Coup” – Martin Armstrong Warns NeoCons Will Rig 2024 Election
  • Futures Movers: U.S. oil prices end at highest in a week as EIA reports a nearly 10 million-barrel weekly drop in U.S. crude supplies

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.