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3 Big Things Today, October 3
1. Corn, Beans Slightly Lower on Harvest Pressure, Weak Export Inspections
Corn and soybeans were slightly lower in overnight trading on harvest pressure and as export inspections were well behind year-ago levels.
The harvest continues to move along, though behind the average pace, for both corn and beans, according to the USDA.
Export inspections of corn, meanwhile, totaled 782,346 metric tons, down from 1.49 million tons during the same week a year earlier, the USDA said in a report. Inspections of soybeans were reported at 894,250 metric tons, down from 1.11 million in 2016.
Corn futures for December delivery fell 1¾¢ to $3.49¾ a bushel overnight on the Chicago Board of Trade.
Soybeans for November delivery lost 2¾¢ to $9.54½ a bushel overnight. Soy meal futures declined $1.80 to $311.80 a short ton, and soy oil gained 0.17¢ to 32.69¢ a pound.
Wheat was little changed with December Chicago up ¼¢ to $4.45 a bushel, and Kansas City futures up ¼¢ to $4.39½ a bushel.
2. Crop Harvests Still Behind Average Pace With Iowa Only 6% Complete
The harvest is still behind the normal pace as it’s slow going across much of the Midwest, according to the USDA.
Corn growers were 17% finished with the harvest as of Sunday, behind the average pace of 26% for this time of year, the USDA said in a report. About 68% of the U.S. crop is mature, behind the five-year average of 78%.
In Iowa, only 6% of the state’s corn was collected, well behind the five-year pace of 18%. In Illinois, 21% of the harvest was complete vs. an average of 38% for this time of year. Nebraska, Missouri, and Indiana are all behind the normal pace.
Soybeans are faring better, though the harvest was 22% finished, still behind the average of 26%, according to the USDA.
In Iowa, 16% was collected vs. the average of 23%. North Dakota growers were 18% finished, compared with their normal 43%, and the harvest in South Dakota, Nebraska, and Minnesota were all well behind the average pace.
In Illinois, however, 30% of its soybean crop was harvested, well ahead of the average pace of 21%, the government said. Indiana growers were also ahead of their normal pace for this time of year.
Winter wheat planting is also behind with 36% planted as of Sunday, missing the average of 43%, according to the USDA. About 12% of the crop has emerged vs. the average of 16%.
3. Rain Expected Stretching From Plains to Great Lakes This Week as Storm Moves Out of Rockies
A weather system has moved out of the Rockies into the Midwest and will likely bring widespread precipitation to the Central Plains, Mississippi River Valley, and Great Lakes regions as the week moves on, according to the National Weather Service.
Some rain is expected in parts of Iowa today with the most severe south of Interstate 80, the NWS said in a report early Tuesday.
Farther east, isolated thunderstorms are expected northwest of Terre Haute into Kokomo this evening, the government forecaster said.
Meanwhile, the Climate Prediction Center said in a report on Monday that it now puts the odds of a fall or winter La Niña at 55% to 60%.