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3 Big Things Today, August 23

Crop Futures Little Changed Overnight; New-Crop Sales Down Slightly For Corn, Beans.

1. Crops Little Changed Overnight as Tour Wraps Up

Crop futures were little changed overnight amid mixed results from another day on the Pro Farmer crop tour.

Iowa corn yields were pegged at 182.8 bushels an acre while soybean pods were measured at 1,106.91 per 3×3-foot square, Pro Farmer said. That’s down from the USDA projection of 191 bushels an acre and the previous year’s 196 bushels an acre.

Minnesota corn yields, meanwhile, were estimated at about 170.4 bushels an acre with soybean pods of 965.31 pods per 3×3-foot square. The forecast is down from a government projection of 173 bushels an acre and the prior year’s 182 bushels an acre.

Traders also are keeping an eye on the ongoing trade war between the U.S. and China. In-person talks between the sides are expected to resume next month, White House economic adviser Larry Kudlow said on Thursday.

Soybean futures for November delivery rose 1¢ to $8.69¾ a bushel overnight on the Chicago Board of Trade. Soymeal gained 60¢ to $299.90 a short ton while soybean oil added 0.04¢ to 28.94¢ a pound.

Corn futures for December delivery fell 2¢ to $3.69 a bushel.

Wheat for September delivery lost ¼¢ to $4.71½ a bushel, while Kansas City futures added ¾¢ to $4.05 a bushel.

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2. Corn, Soybean Export Sales For 2019-2020 Down Slightly Week-to-Week

Export sales of corn and soybeans for delivery in the 2019-2020 marketing year that starts on Sept. 1 were down slightly week-to-week, according to the USDA.

Corn sales totaled 301,600 metric tons in the seven days that ended on Aug. 15, down from the 307,600 tons the previous week, the USDA said in a report.

Mexico was the big buyer at 155,400 metric tons, followed by South Korea at 65,200 tons, Jamaica at 47,500 tons, and Canada at 20,300 tons, the agency said.

Sales for delivery in the current marketing year that ends on Aug. 31 came in at 119,300 metric tons, up noticeably from the previous week and 31% from the prior four-week average. Mexico bought 96,900 tons, Japan purchased 61,700 tons, Canada took 10,600 tons, Honduras was in for 8,200 tons, and Guatemala took 7,800 tons from U.S. supplies, the USDA said.

Soybean sales for delivery in the next marketing year were reported at 792,600 metric tons, down from 817,400 tons the previous week.

An unknown buyer purchased 421,000 metric tons, Mexico was in for 111,500 tons, China bought 66,000 tons, Egypt was in for 55,000 tons, and Japan took 5,200 tons, the government said.

For 2018-2019, sales totaled 25,900 metric tons as purchases by Germany for 68,500 tons, Indonesia for 56,000 tons, Bangladesh for 53,100 tons, Portugal for 35,000 tons, and Italy for 30,100 tons were partially offset by reductions by unknown buyers who canceled a cargo of 169,000 tons.

Pakistan nixed a shipment for 62,500 tons, and Japan canceled an order for 27,300 tons, the USDA said.

Wheat sales for delivery in the grain’s current marketing year that started on June 1 totaled 594,600 metric tons, up 29% from the previous week and 19% from the four-week average.

Mexico was the big buyer at 113,800 metric tons, followed by Guatemala at 60,500 tons, Thailand at 60,000 tons, Peru at 53,100 tons, and Taiwan at 48,100 tons, the agency said.

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3. Flood Watch in Effect for Central Nebraska, Northeastern Oklahoma Under Flash Flood Warning        

A flood watch is in effect for parts of central Nebraska from this evening through tomorrow morning as excessive rainfall is expected to hit the area.

“Thunderstorms capable of producing 2 inches of rainfall in an hour or less are expected to develop,” the National Weather Service said in a report early this morning.

Two to 3 inches of rain are expected to fall in a short amount of time, which likely will result in flooding, the agency said. Localized precipitation totaling about 5 inches is possible.

Farther south, heavy rain also is forecast for northeastern Oklahoma and some counties in northwestern Arkansas.

Flash flood warnings and flood watches are in effect in the area as showers and storms continue to roll through, the NWS said. Locally heavy rain fell in parts of eastern Oklahoma and western Arkansas, and any more rain will likely lead to flooding.

For the weekend, thunderstorms and heavy rain are possible, the NWS said.

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