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3 Big Things Today, June 13

Grains, Beans Rise in Overnight Trading; USDA Lowers Top Ratings For Corn Crop.

1. Corn Gains After USDA Lowers Crop Rating; Soybeans, Wheat Higher

Corn futures were higher in overnight trading after the government lowered the percentage rated good or excellent in a weekly report.

The Department of Agriculture pushed down the percentage of corn that was rated good or excellent by 1 point in a weekly report.

Weather has been more of a bullish factor for corn and beans as of late, leaving analysts wondering if speculative investors who are short the market will have to cover as dry weather persists.

The heat wave in the Midwest is likely to continue for much of the week, according to forecasters, but some rain is forecast starting Sunday or Monday.

Wheat also rose on reports that fields are dry in Australia, which will likely reduce production in the long run. Prices may have gained as a storm rolls into the Southern Plains today, which could slow the U.S. harvest.

Corn futures for July delivery gained 3¢ to $3.80¼ a bushel overnight on the Chicago Board of Trade.

Soybeans rose 3¢ to $9.34½ a bushel in Chicago. Soy meal added $1.90 to $303.70 a short ton, and soy oil fell 0.09¢t to 31.84¢ a pound.

Wheat futures for July delivery rose 5¼¢ to $4.39¼ a bushel overnight, while Kansas City futures gained 7½¢ to $4.50¼ a bushel.

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2. Corn Crop Ratings Fall Week to Week With 94% Emerged; Beans Rated 66% Good or Excellent

Some 67% of U.S. corn is in good or excellent condition, down from 68% last week and 75% at this time last year, according to the U.S. Department of Agriculture.

About 94% is now emerged from the ground, right where it should be, according to the five-year average, the government said in a report.

Soybean planting is again ahead of normal with 92% in the ground, topping the five-year average of 87% and rising from last week’s 83%. About 77% of U.S. soybeans have emerged from the ground, topping the average of 73% for this time of year.

In its first conditions rating of the year for soybeans, the USDA said the crop was 66% good or excellent, below last year’s 74%.

About 17% of the winter wheat crop was harvested as of Sunday, just ahead of the average of 15% and up from 10% last week, according to the government. With just a few weeks to go, the crop is now 50% good or excellent, up from 49% last week but below last year’s 61%.

In Kansas, the biggest winter wheat grower, 45% earned top ratings, while in Oklahoma, 47% of winter wheat was rated good or excellent, according to the USDA.

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3. Heat Indexes Headed to Triple Digits Again in Midwest With Chance of Rain Tomorrow

It’s going to be another brutally hot day in the Midwest with temperatures reaching the mid-90s from Nebraska through Illinois with real-feel temperatures nearing the triple digits.

The good news, however, is there’s a chance for rainfall in parts of the Midwest tomorrow as a storm rolls through the region. Forecasters peg the chance of rainfall as high as 40%, depending on location.

In the Southern Plains, there’s a chance of storms that might slow the winter wheat harvest that’s finally started in earnest. No severe weather is expected, however, and storms will be short-lived and not widespread, according to the National Weather Service.

Behind the storm system in the Southern Plains lies intense heat and dry weather, which should allow growers to more quickly collect their winter wheat.

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