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3 Big Things Today, September 10

Grains, Beans Higher Overnight; Export Inspections of Soybeans, Wheat Rise, Corn Lower.

1. Grains, Beans Higher on Slow Pace of Crop Maturity

Grain and bean futures were higher overnight on concerns about crop maturity at this point in the year.

With more than a week gone in September, only 55% of the U.S. corn crop was dented, according to the USDA. That’s well behind the prior five-year average of 77% for this time of year.

In Iowa, 60% was dented as of September 8, behind the average of 79%, while in Illinois only 53% was dented vs. the normal 87% for this time of year, the USDA said in a report.

Some 89% of the U.S. corn crop was in the dough stage compared with 97% normally.

Only 11% was mature as of Sunday, well behind the previous average of 24% for this date, the agency said in its report. Four percent of Iowa corn was mature, while the crop was only 8% mature in Illinois, behind the average of 17% and 35%, respectively, the USDA said.

The U.S. corn crop was rated 55% good or excellent at the start of the week, down from 58% a week earlier.

About 92% of the soybean crop was setting pod vs. the normal 99% for this time of year. Fifty-five percent of U.S. beans were in good or excellent condition as of Sunday, unchanged week to week.  

Corn futures for December delivery gained 5¼¢ to $3.59½ a bushel overnight on the Chicago Board of Trade.

Wheat for September delivery added 5½¢ to $4.80 a bushel, while Kansas City rose 3½¢ to $4.01½ a bushel.

Soybean futures for November delivery gained 5½¢ to $8.63¼ a bushel in overnight trading. Soy meal gained $2 to $296 a short ton, while soybean oil added 0.03¢ to 28.48¢ a pound.

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2. Soybean, Wheat Inspections Decline Week to Week, While Corn Assessments Increase

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

Soybean inspections declined to 906,029 metric tons in the seven days that ended on September 5, down from 1.29 million the previous week, the agency said in a report. The total also was down from the 927,335 tons inspected during the same week in 2018.

Wheat assessments also declined, falling to 402,486 metric tons last week vs. the 558,523 tons the government inspected a week earlier. During the same week last year the USDA assessed 441,592 metric tons of wheat for overseas delivery.

Corn inspections, meanwhile, increased to 590,013 metric tons last week, up from 375,784 tons the previous week, the agency said. The total was still down from the 783,495 tons examined for offshore delivery at the same time in 2018.

Since the start of the marketing year on September 1, the USDA inspected 449,958 metric tons of corn for overseas delivery, down from the 678,521 tons during the same period last year.

Soybean inspections in the first five days of the month totaled 501,778 metric tons, down form 834,330 tons at the same time a year earlier, the government said.

Wheat inspections since the start of the grain’s marketing year on June 1 are now at 7 million metric tons, well ahead of the 5.71 million tons inspected at this point in 2018, USDA data show.

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3. Thunderstorms Expected in Several Parts of Corn Belt, NWS Says

Weather maps are lit up this morning as storms are expected in several parts of the Midwest.

In Iowa, some strong thunderstorms are expected this evening and overnight with locally heavy rainfall forecast in northern parts of the state, according to the National Weather Service.

The storms are expected to continue Wednesday and Thursday with some being strong to severe, the NWS said in a report early this morning.

Scattered thunderstorms also are forecast in northeastern Iowa into southern Wisconsin starting tonight with heavy rainfall and potentially some flooding expected. The storms will persist through Thursday night and will bring the potential for more heavy rain, the agency said.

Storms also are forecast in parts of southern Missouri through southern Illinois and Indiana, according to NWS maps.

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