You are here

3 Big Things Today, June 28

Soybeans, Grains Mixed Overnight; Export Sales of Corn Jump Week to Week.

1. Soybeans Higher, Grains Lower Ahead of USDA Reports

Soybeans were higher while grains were lower in overnight trading ahead of key reports from the USDA due today.

The government will release its Acreage and Grain Stocks Report at noon in Washington.

Analysts have pegged corn acres at about 86.7 million, down from a government estimate of 89.8 million earlier this month, and soybean area at 84.4 million, down slightly from the 84.6 million estimated in the World Agricultural Supply and Demand Estimates Report, according to research Allendale.

All wheat area is pegged at 45.7 million acres, down marginally from the 45.8 million estimated earlier this month.

Analysts polled by Reuters have pegged corn stockpiles on June 1 at 5.33 billion bushels, up from 5.31 billion bushels a year earlier, and soybean inventories at 1.861 billion bushels, up considerably from the 1.22 billion in storage last year.

Wheat stocks at the start of the month are expected to be reported at 1.1 billion bushels, unchanged from the year-earlier level, Reuters said.

Soybeans for November delivery rose 1½¢ to $9.13¾ a bushel overnight on the Chicago Board of Trade. Soy meal fell 30¢ to $312.90 a short ton, while soy oil added 0.03¢ to 27.96¢ a pound.

Corn futures for May delivery were down 1½¢ to $4.44¼ a bushel overnight.

Wheat for September delivery lost 4¼¢ to $5.42½ a bushel, while Kansas City wheat dropped 4½¢ to $4.77 a bushel.

**

2. Export Sales of Corn Jump Week to Week, While Soybean Sales Slide

Export sales of corn in the week that ended on June 20 improved while soybean sales declined, according to the USDA.

Corn sales last week totaled 294,900 metric tons, up noticeably from the previous week and 7% ahead of the prior four-week average, the government said in a report.

Japan was the big buyer at 166,500 metric tons, followed by Mexico at 139,000 tons, and Colombia at 47,800 tons. Taiwan took 16,400 tons, and Honduras bought 16,400 tons. An unknown customer canceled a cargo of 97,300 tons.

For the 2019-2020 marketing year that starts on September 1, net sales totaled 110,100 tons, as Mexico bought 84,000 tons, and an unnamed buyer took 16,500 tons, the USDA said.

Soybean sales were reported at 168,200 metric tons, down 71% week to week and 61% from the average for this time of year.

China was the big buyer for the first time in a while, but only purchased 79,600 metric tons from U.S. supplies. Mexico was in for 58,200 tons, Tunisia took 22,600 tons, Germany purchased 19,100 tons, and Japan bought 12,100 tons, the government said.

An unknown customer canceled a shipment for 38,700 ton, and Switzerland nixed a cargo of 21,500 tons.

For the 2019-2020 year, sales were reported at 319,600 metric tons as an unnamed customer bought 98,000 tons, Mexico was in for 92,400 tons, Pakistan took 66,000 tons, and China bought 63,000 tons, the agency said.

Wheat sales totaled 612,000 metric tons last week.

The Philippines bought 116,000 tons, Guatemala purchased 88,300 tons, Japan was in for 81,500 tons, El Salvador took 71,100 tons, and Colombia bought 64,600 tons, the UDSA said.

**

3. Heat Warnings Issued in Parts of Kansas, Missouri, South Dakota, Nebraska

From excessive rainfall to weather that’s too hot, parts of the Midwest can’t seem to catch any normal weather this year.

A heat advisory has been issued for much of northeastern Kansas and northwestern Missouri, as temperatures are expected to climb into the mid-90s, which will push heat index values as high as 105˚F., according to the National Weather Service.

The area has seen major flooding for the past several weeks after excessive rainfall pushed the Missouri River and its tributaries over their banks. Flood warnings are still in effect for the region.

It’s not just the heat; another round of thunderstorms is possible in northern Missouri tonight. Small hail and gusty winds are expected.

A heat advisory also has been issued for parts of southeastern South Dakota, northeastern Nebraska, and a few counties in western Iowa.

Heat index values are expected to reach 103˚F. this afternoon, the NWS said in a report early this morning.

Read more about

Talk in Marketing

Most Recent Poll

Did you apply for prevent plant this year?