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3 Big Things Today, June 11

Soybeans, Corn Lower Overnight; Export Inspections Mostly Improve Week to Week.

1. Soybeans, Corn Lower as Planting to Accelerate

Soybeans and corn declined overnight as drier weather in much of the Corn Belt will allow growers to finally plant their crops.

Growers in several Midwestern states that have been inundated by rainfall in recent months should be able to fire up their planters to accelerate seeding this week as dry weather prevails, according to forecasters.

As much as six times the normal amount of rain has fallen in parts of Kansas, Missouri, Nebraska, Iowa, and Illinois in the past month, according to the National Weather Service.

That’s put producers behind on planting. Soybean sowing was 60% finished as of Sunday, behind the prior five-year average of 88%, according to the USDA. About 83% of the corn crop was in the ground, when 99% is normally in by this time of the year.

The USDA also released its first corn rating, which showed 59% of the crop that’s actually made it into the ground was in good or excellent condition this week. Last year at this time, some 77% earned top ratings.

Analysts are expected corn seeding to be 80% to 85% finished as of yesterday, while soybean planting is forecast at 55% to 57% complete, researcher Allendale said in a note this morning.

Investors also are awaiting the USDA’s World Agricultural Supply and Demand Estimates (WASDE) Report that’s due out at noon in Washington.

Soybeans for May delivery lost 5¢ to $8.53½ a bushel overnight on the Chicago Board of Trade. Soy meal dropped $1.70 to $311.70 a short ton, while soy oil declined 0.01¢ to 27.37¢ a pound.

Corn futures for May delivery fell 3¾¢ to $4.12 a bushel overnight.

Wheat for May delivery lost 6¼¢ to $5.01½ a bushel in Chicago, while Kansas City wheat dropped 10¼¢ to $4.42¾ a bushel.

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2. Corn, Soybean Export Inspections Rise Week to Week, Wheat Examinations Decline

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

The government inspected 850,647 metric tons of corn for delivery to offshore buyers in the seven days that ended on June 6, the agency said in a report. That’s up from the 744,840 tons inspected the previous week but down from the 1.41 million tons assessed during the same time frame last year.

Soybean inspections totaled 714,627 metric tons last week, up from the 510,482 tons examined the previous week and the 675,621 tons assessed during the same week in 2018, the USDA said.

Wheat assessments, meanwhile, declined week to week to 464,779 metric tons from 592,964 tons a week earlier. The government examined 419,589 metric tons the same week last year, according to the report.

Since the start of the corn marketing year on September 1, the USDA has examined 40.2 million metric tons of the grain for overseas delivery. That’s down slightly from the 41 million tons that were assessed during the same period a year earlier.

Soybean inspections since September 1 stand at 34.9 million metric tons, well below the 47.5 million tons examined during the same time frame last year.

Wheat’s marketing year started on June 1. In the first six days, the USDA has inspected 400,126 metric tons of the grain for offshore delivery, down from 419,589 during the same period last year, the government report said.

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3. Weather Maps Mostly Quiet, Though Flooding Continues and Isolated Rain May Fall

Weather maps are mostly quiet this morning as dry weather prevails in much of the central U.S.

The Missouri River is still flooded from parts of South Dakota all the way to where it meets the Mississippi River along the Missouri and Illinois border, as are several smaller rivers throughout the Midwest, according to the National Weather Service.

While most of the Corn Belt is expected to be dry, a couple of isolated thunderstorms are possible along the Interstate 39 corridor in northern Illinois this afternoon, the NWS said in a report early this morning.  

Severe weather isn’t expected, though some gusty winds may occur.

There’s also a chance for storms in parts of central and southern Missouri and southern Illinois starting tomorrow, though severe storms aren’t in the forecast, the agency said. Any rain that falls, however, likely will exacerbate flooding along the Missouri and Mississippi rivers.

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