3 Big Things Today, July 9
1. Grains, Soybeans Lower Overnight After Progress Report
Crop futures declined in overnight trading after a report from the USDA showed lofty ratings for corn and soybeans.
The corn crop was rated 57% good or excellent as of Sunday, which is up from 56% last week, the USDA said in a report. That’s still well below last year’s 75% that earned top ratings at this point in 2018.
Some 98% of the crop emerged, but only 8% was silking vs. the normal 22% for this time of year, a clear indication that plants are well behind their normal growth stage.
Soybeans were 53% good or excellent at the start of this week, down from 54% seven days earlier, the government said. Last year at this time, 71% had earned top ratings.
About 90% of U.S. beans have emerged, which compares with the normal 98%. Only 10% of soybeans are blooming at this point, well behind the normal pace of 32% for this time of year.
The winter wheat harvest accelerated week to week with 47% now in the bin, up from 30% seven days earlier but still well behind the prior five-year average of 61%.
Some 78% of the U.S. spring wheat crop was rated good or excellent as of Sunday, up from 75% a week earlier but behind the 80% recorded at this point last year, the USDA said.
Corn futures for December delivery fell 7¼¢ to $4.36½ a bushel overnight on the Chicago Board of Trade.
Wheat for September delivery lost 7¾¢ to $5.03¼ a bushel, while Kansas City futures declined 5¾¢ to $4.35¼ a bushel.
Soybean futures for November delivery dropped 5¢ to $8.92¾ a bushel overnight. Soy meal fell $1.40 to $310.90 a short ton, and soybean oil lost 0.13¢ to 28.35¢ a pound.
2. Corn Export Inspections Jump Week to Week, Soybean Assessments Up Moderately
Inspections of corn for overseas delivery jumped week to week, while soybeans rose modestly, according to the USDA.
Corn inspections in the seven days that ended on July 4 totaled 703,192 metric tons, up from 284,923 tons the previous week, the government said in a report.
The total is still down from the 1.48 million tons inspected during the same week last year.
Soybean assessments also rose, though at a slower pace. The USDA inspected 757,903 metric tons for delivery to offshore buyers last week, up from 720,842 tons the prior week.
That was up from the 668,014 metric tons assessed during the same week in 2018.
Wheat inspections, meanwhile, declined week to week, falling to 609,456 metric tons vs. the previous 696,142 tons, the agency said. Still, the total is well higher than the 268,221 tons assessed during the same period last year.
Since the start of its marketing year on September 1, the USDA has inspected 42.5 million metric tons of corn for overseas delivery. That’s down from the 47.2 million tons examined during the same period a year earlier.
Soybean assessments since the beginning of September now stand at 37.9 million metric tons, down from 50.3 million tons at this point last year, the government said.
Wheat inspections for offshore delivery since the start of the grain’s marketing year on June 1 are now at 2.59 million metric tons, up from the 1.75 million tons assessed at the same point last year, the USDA said.
3. Heat Advisories in Effect in Oklahoma, Arkansas; Flash Floods to Continue in Nebraska
Heat advisories are in effect for much the eastern half of Oklahoma, all of east Texas, much of Arkansas, Louisiana, and parts of Mississippi and Alabama today, according to the National Weather Service.
Temperatures near Tulsa and Barlesville in Oklahoma are expected to reach the mid-90s with heat index values as high as 107˚F. this afternoon, the NWS said in a report early this morning.
“The combination of hot temperatures and high humidity will combine to create a dangerous situation in which heat illnesses are possible,” the agency said. “Take extra precautions if you work or spend time outside.”
Farther north, a flash flood warning and a flood warning are in effect for parts of central Nebraska, as up to 9 inches of rain have fallen in the past 15 hours, the NWS said.
As of 5 a.m. local time, automated gauges indicate several counties in the center of the state received at least 2 to 4 inches of rain. The threat of flash flooding has ended in most counties, but small creeks and streams and a few larger rivers will continue to overrun their banks well into this afternoon and possibly beyond that.
Scattered thunderstorms also are expected in much of Iowa and northern Illinois this afternoon, with damaging winds and localized flash flooding from “torrential” rain of as much as 2 inches per hour becoming the biggest threats, the NWS said.