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3 Big Things Today, July 30

Grains, Soybeans Lower Overnight; Export Inspections Mostly Higher Week to Week.

1. Grains, Soybeans Decline Overnight on Crop Conditions

Grain and soybean futures were lower in overnight trading, as the condition of the corn crop rose last week.

U.S. corn was rated 58% good or excellent as of Sunday, up from 57% the previous week, according to the USDA. The figure is still below the 72% that earned top ratings at this time last year. Analysts had forecast the crop at 56% good or excellent, according to Allendale.

Some 58% is silking, well behind the prior five-year average of 83% for this time of year, while 13% is in the dough stage vs. the normal 23%.

About 54% of soybeans were in good or excellent condition at the start of the week, the government said in its report. That’s unchanged week to week. Analysts had expected a 1-percentage-point decline.

Just 57% of the crop is blooming, behind the average of 79%; 21% is setting pods, less than half the normal 45% for this time of year, the USDA said.

Corn futures for December delivery fell 2¾¢ to $4.24¼ a bushel overnight on the Chicago Board of Trade.

Wheat for September delivery declined 3¢ to $5.00½ a bushel overnight, while Kansas City futures lost 2¢ to $4.34½ a bushel.

Soybean futures for November delivery lost 1¾¢ to $9.02½ a bushel. Soy meal declined $1.20 to $303 a short ton, while soybean oil gained 0.12¢ to 29.09¢ a pound.

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2. Weekly Soybean, Corn Export Inspections Surge While Wheat Assessments Decline

Inspections of soybeans and corn for overseas delivery jumped week to week, while wheat assessments declined, according to the USDA.

In the seven days that ended on July 25, the government inspected 1.03 million metric tons of soybeans for export, up from 560,856 tons a week earlier and 768,769 tons during the same week in 2018.

Corn assessments also gained, rising to 645,367 metric tons from 438,544 tons the previous week. The total was still down from the 1.66 million tons examined at this time last year, the agency said.

Wheat inspections, meanwhile, declined week to week to 390,730 metric tons from 447,288 tons during the prior seven-day period. Last week’s total was up slightly from the 390,126 tons assessed in the same time frame the previous year.

Since the start of the marketing year on September 1, the government has inspected 40.3 million metric tons of soybeans for overseas delivery, government data show. That’s well below the 52.5 million tons examined during the same period last year.  

Corn inspections are now at 44.3 million metric tons, but that’s down from the 51.5 million tons examined at this point in 2018.

Since the beginning of the grain’s marketing year on June 1, the USDA has inspected 3.8 million tons of wheat for offshore delivery, up from the 3.05 million tons assessed during the same time frame a year earlier.

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3. Thunderstorms Possible in Eastern Illinois, Northern Indiana; Hail, Winds Forecast in North Dakota

Thunderstorms are possible in parts of eastern Illinois and northern Indiana today that could bring some moisture to the region.

“A cold front and upper wave of low pressure will track across the area today, keeping the chance for isolated showers and storms across the southern half of central Indiana,” the National Weather Service said in a report early this morning. “Skies will clear tonight as high pressure builds in.”

Lightning and brief heavy rain likely will occur, the NWS said.

In the Northern Plains where spring wheat is growing, some thunderstorms are expected to move into the western half of North Dakota, the biggest grower of the variety in the U.S.

Hail up to the size of a quarter and “damaging” wind gusts that could top 60 mph are the main threats associated with the storms, the agency said.

More storms are possible tomorrow afternoon and evening, and some may be severe, the NWS said.

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