3 Big Things Today, August 30
1. Corn, Beans Modestly Lower Overnight; Wheat Rises on Bargain Hunting
Corn and beans were modestly lower, while wheat gained in overnight trading.
Corn futures and soybeans declined slightly amid what’s expected to be highest-ever harvests for both crops. The Pro Farmer Crop Tour last week found that, while yields weren’t as high as expected by the Department of Agriculture, they were still good enough to beat records.
Corn production was pegged at 15.2 billion bushels and soybean output is seen at 4.09 billion bushels, according to final crop tour estimates.
Wheat rebounded as bargain hunters entered the market after futures dropped to the lowest level in more than a decade. Increased output projections by the International Grains Council last week pushed down prices.
Corn futures for December delivery fell 1¢ to $3.19¾ a bushel on the Chicago Board of Trade.
Soybeans for November delivery declined 1¼¢ to $9.63 a bushel, soy meal futures for December delivery fell 30¢ to $314.80 a short ton, and soy oil lost 0.20¢ to 33.02¢ a pound.
Wheat futures for December delivery rose 1¼¢ to $3.98¼ a bushel overnight in Chicago, while Kansas City futures added a penny to $4.03¼ a bushel.
2. Subsoil Moisture Improves Nationally as Rain Inundates Some Fields
Subsoil moisture nationally improved in the week that ended on Sunday, though at this point, whether that’s a good thing depends on where you are.
Some 74% of U.S. soil has adequate or surplus moisture, up from 73% the prior week, the Department of Agriculture said in a report on Monday.
In Illinois, where some farmers have said they’d like it to stop raining and allow fields to dry out, 96% of the soil had adequate or surplus moisture, according to the USDA. Iowa soil wasn’t too far behind, with 92% earning top ratings.
While it’s generally good news to see such lofty soil moisture ratings in the two biggest corn and soybean producers, diseases caused by overly wet conditions and flooded fields have been reported in several counties.
And it’s not just Illinois and Iowa. Reports of flooded fields have come in from Indiana, Missouri, Nebraska, Kansas, Oklahoma, Texas, Arkansas, and, of course, Louisiana. Not that there aren’t dry spots in the U.S. Generally the eastern Midwest received far less rain than its central Midwest counterpart, though some precipitation has fallen recently.
While it’s great for some farmers who received just the right amount of moisture, others are hoping the valve shuts off sometime soon and allows their crops to dry up.
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3. Flooding Expected in Southern Nebraska, Northern Kansas
Flood warnings and flash flood watches are in effect in a large area of southeastern Nebraska, northeastern Kansas, and northwestern Missouri, according to the National Weather Service.
Dozens of small rivers and creeks have flooded their banks, and the water is pushing into fields and over roads in much of the area, according to the NWS. The flood warning is currently in effect until 11:45 a.m. CDT on Tuesday.
Some minor flooding also is expected in a few counties in northern Illinois, the Texas Panhandle, and in southeastern New Mexico, NWS data show.
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