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3 Big Things Today, June 25
1. Soybeans, Corn Rise on Disappointing Crop Progress Report
Soybeans and corn were higher in overnight trading Tuesday as planting, emergence, and conditions all remain below their normal levels for this time of year.
About 85% of the U.S. soybean crop was planted as of Sunday, behind the prior five-year average of 97%, the USDA said in a report. Some 71% had emerged, behind the normal 91% for this week.
Fifty-four percent was rated good or excellent this week, the first rating given by the USDA for the soybean crop, behind the 73% that earned top ratings at this time last year. Ten percent was rated poor or very poor, double what had the worst ratings at this point in 2018.
Corn planting, which normally would be done by now, was 96% finished, and 89% had emerged from the ground vs. the usual 99%, the USDA said.
About 56% was in good or excellent conditions vs. 59% the previous week and 77% a year earlier, according to the government.
Excessive rainfall slowed the harvest and the combination of too much precipitation and cool weather is having an impact on crop quality.
Soybeans for May delivery rose 6½¢ to $9.15½ a bushel overnight on the Chicago Board of Trade. Soy meal rose $3.40 to $321 a short ton, while soy oil fell 0.05¢ to 28.30¢ a pound.
Corn futures for May delivery were up 5¢ to $4.51¾ a bushel overnight.
Wheat for May delivery gained 5¾¢ to $5.48¼ a bushel overnight, while Kansas City wheat added 5¾¢ to $4.83¼ a bushel.
2. Export Inspections of Corn Decline Week to Week; Soybean, Wheat Assessments Rise
Export inspections of corn were down week to week, while wheat and soybean assessments rose, according to the USDA.
The government inspected 617,740 metric tons of corn for overseas delivery in the seven days that ended on June 20, down from 678,024 tons the previous week. That’s also down considerably from the 1.54 million tons assessed at this time last year.
Wheat inspections totaled 406,386 metric tons last week, up from the 382,371 tons that were examined for overseas delivery the previous week, the USDA said. That’s also up from the 364,312 tons inspected during the same week in 2018.
Soybean inspections also rose, albeit slightly, to 682,155 metric tons from 680,370 a week earlier and from 516,711 tons at this time last year, according to the government.
Corn assessments since the start of the marketing year on September 1 are now at 41.5 million metric tons, down from the 44.2 million tons inspected during the same period the previous year.
Soybean inspections since September 1 are now at 36.3 million tons, well below the prior year’s 48.8 million tons, the USDA said.
Examinations of wheat for overseas delivery since the start of the grain’s marketing year on June 1 are at 1.23 million tons, ahead of the previous year’s 1.16 million tons at this point, government data show.
3. Storms Forecast in Much of Illinois, Indiana Today, Hail Possible in Nebraska, Iowa
More storms are on the way for much of Illinois and Indiana this afternoon and evening that could include damaging wind gusts, large hail, and localized flash flooding, according to the National Weather Service.
“An isolated tornado cannot be ruled out,” the agency said in a report early this morning.
In northern Indiana, storms aren’t expected until after midnight, but likely will flare up again Wednesday and later in the week.
Flooding is likely in some areas and hot weather with heat indexes in the 90s are possible Wednesday through Sunday, the NWS said.
“High pressure will build into the Ohio Valley Tuesday with warm and humid weather expected for much of the rest of the week,” the agency report said. “Small threats for thunderstorms will exist Wednesday and again late in the week and over the weekend, otherwise expect dry conditions.”
Farther west, some adverse weather is expected in parts of eastern Nebraska and western Iowa this evening between about 4 p.m. and 8 p.m. Large hail is the biggest hazard along with a lesser chance of damaging wind and an isolated threat of tornadoes, the NWS said.