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3 Big Things Today, June 16

Wheat Futures Higher Overnight; Corn Export Sales Surge in Week Through June 8.

1. Wheat Rises Overnight as World Weather Woes Threaten Output

Wheat futures rose in overnight trading as global weather woes may curb production of the grain.

Much of the northern U.S. Plains where the spring wheat crop is grown has a below-average chance for rain for at least the next 15 days, according to Commodity Weather Group.

Forecasters at CWG said earlier this week that little precipitation is forecast for the region, which could lead to further stress on already dry crops that have seen one major rain event since emergence.

The trend is also drier in the Ukraine for at least the next 10 days, which “raises stress potential for corn and wheat,” CWG said in a report.

Wheat for July delivery rose 4¢ to $4.57¾ a bushel overnight on the Chicago Board of Trade. Kansas City futures added 6¢ to $4.71¼ a bushel.

Corn futures for July delivery fell ¼¢ to $3.79¼ a bushel in Chicago.

Soybeans rose 3¢ to $9.37¾ a bushel overnight. Soy meal gained $1 to $301.60 a short ton, and soy oil added 0.13¢ to 32.87¢ a pound.


2. Corn, Soybean Export Sales Jump in Week That Ended on June 8

Corn and soybean sales to overseas buyers jumped in the week that ended on June 8, according to the U.S. Department of Agriculture.

Corn sales for delivery in the 2016-2017 marketing year were reported at 600,700 metric tons, up 72% from the prior week and 25% from the previous four-week average.

Mexico was the biggest buyer at 200,400 metric tons, followed by Colombia at 109,700 tons and China at 60,800 tons. Peru bought 57,800 tons, and Nigeria purchased 39,100 tons.

Soybean sales for the year that ends on August 31 totaled 340,200 metric tons, up “noticeably” from the previous week, the USDA said. Still, the total was down 15% from the four-week average.

The Netherlands were the best customer, taking 85,000 metric tons, followed by China at 61,500 tons. Bangladesh was in for 61,000 tons, Indonesia bought 59,900 tons, and Japan purchased 52,600 tons.

For 2017-2018, sales totaled 314,000 tons with unknown buyers taking 186,000 tons, China buying 60,000 tons, and Pakistan in for 57,000 tons, the USDA said.

Wheat just started a new marketing year on June 1, and sales in the first week of 2017-2018 were decent at 373,400 tons.

Mexico was the biggest buyer at 121,400 tons, followed by Nigeria at 56,600 tons. Taiwan was in for 53,900 tons, Colombia took 47,500 tons, Peru bought 27,200 tons, Costa Rica purchased 16,500 tons, and unknown destinations were in for 11,600 tons, according to the USDA.

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3. Heat Advisories Issued For Southern Plains, Kansas, Missouri as Temps Reach 107˚F.​

Heat advisories have been issues in parts of the Southern Plains and much of eastern Kansas and western Missouri for Friday, according to National Weather Service maps.

Temperatures are expected to hit a high of 105˚F. today, the NWS said in a morning report. The good news for growers is that most of the winter wheat in the Oklahoma and Texas panhandles is harvested.

Heat indices are expected to reach as high as 107˚F. in a stretch of land from about St. Joseph, Missouri, south through Joplin, according to NWS maps. The extreme heat will be dangerous to people, but it also may stress crops.

The hot weather is expected to intensify Saturday before cooling “significantly” on Sunday, the NWS said.

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