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3 Big Things Today, July 16
1. Soybeans, Grains Lower Overnight as Crop Ratings Rise
Soybeans and grains were lower in overnight trading, as crop conditions improved week to week.
About 54% of the U.S. soybean crop was in good or excellent condition as of Sunday, up from 53% the previous week, according to the USDA.
In Iowa, 63% had earned top ratings, and in Illinois, 39% were good or excellent, the USDA said in a report.
Only 22% of soybeans were blooming, less than have the previous five-year average of 49% for this time of year.
Some 58% of the corn crop was in good or excellent condition, up from 57% a week earlier. Sixty-two percent of Iowa corn earned top ratings, while 42% of Illinois corn was in top shape, according to the government.
Only 17% was silking at the start of the week, well behind the prior average of 42%.
Competing weather systems are also in play as a heat wave moves into much of the Midwest, while the remnants of what was Tropical Storm Barry drop rain in much of Arkansas and parts of southern Missouri and Illinois, and in the Mississippi River Valley.
Soybean futures for November delivery fell 6¼¢ to $9.13¾ a bushel overnight on the Chicago Board of Trade. Soy meal dropped $2.30 to $315.90 a short ton, and soybean oil lost 0.06¢ to 28.73¢ a pound.
Corn futures for December delivery fell 5¼¢ to $4.41¾ a bushel overnight.
Wheat for September delivery declined 4¢ to $5.03¾ a bushel, while Kansas City futures lost 3¾¢ to $4.45¼ a bushel.
2. Corn, Wheat Export Inspections Decline Week to Week, Soybeans Increase
Export inspections of corn and wheat declined week to week, while soybean assessments increased, according to the USDA.
Corn inspections dropped to 676,485 metric tons in the seven days that ended on July 11, the USDA said in a report. That’s down from 721,419 metric tons the previous week and well below the 1.26 million tons inspected at the same point last year.
Wheat assessments also were lower, falling to 315,358 metric tons from 616,261 tons the prior week and 481,045 tons the same week in 2018.
The government said it examined 854,373 metric tons of soybeans, however, up from 761,649 tons the prior week. The total also was up from the 637,535 tons assessed at the same point last year.
Since the start of the marketing year on September 1, the USDA has inspected 43.2 million metric tons of corn for overseas delivery. That’s down from the 48.5 million tons assessed at this point last year.
Soybean inspections since the start of September are now at 38.7 million tons, well behind the year-earlier total of 51 million tons due partly to the ongoing trade row with China.
Since the start of the grain’s marketing year on June 1, wheat assessments are now at 2.92 million metric tons, up from the 2.23 million tons inspected at this point last year, the USDA said.
3. Heat Wave Moves Into Midwest, Barry Remnants Cause Flooding in Arkansas
A heat wave has moved into much of the Midwest with excessive heat watches issued from southeastern South Dakota east into Wisconsin and south to the Kansas-Oklahoma border, according to the National Weather Service.
Temperatures in northern Missouri are expected to be in the upper 90s with heat indexes near 110˚F.
Farther south, in southern Kansas, heat indexes are expected to be between 100˚F. and 105˚F., the NWS said in a report early this morning.
Outside work is not advised and the hot weather could have an effect on crops, agronomists said.
Flash flood warnings, flood warnings, and flash flood watches are still in effect for parts of Arkansas and extreme southern Missouri and Illinois this morning, as the remnants of what was Tropical Storm Barry take their last gasp.
Thunderstorms are producing very heavy rain in a band across the region with 4 to 7 inches falling since midnight, the NWS said.
The heaviest rain is in central Arkansas, and additional thunderstorms are expected in the same area with more rainfall.
“Periods of rain associated with Barry will continue across the region through Tuesday,” the NWS said. “The rain will be heavy at times, with additional amounts of 1 to 3 inches expected in most areas.