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3 Big Things Today, June 23

Soybeans Rise Modestly Overnight; Weekly Export Sales For Corn Mixed, Soybeans Lower.

1. Soybeans Slightly Higher, Grains Little Changed on Uncertain Weather

Soybeans were modestly higher in overnight trading while grains were little changed on uncertain weather patterns.

Much of the Midwest will have below-normal rainfall for the next 10 days, but there are some areas that will see patchy precipitation, according to weather forecasters. Temperatures also will remain mostly benign during that time frame.

Rain has been spotty in the past couple of weeks with uncertain weather patterns throughout the Midwest.

Most of Nebraska has received little to no rain in the past week while much of Iowa and Illinois, the biggest producers, have seen as much as six times normal precipitation, according to the National Weather Service.

Soybean futures for July delivery rose 3½¢ to $9.07½ a bushel overnight on the Chicago Board of Trade. Soy meal added $1 to $294.80, and soy oil gained 0.13¢ to 31.68¢ a pound.

Corn for July delivery rose a penny to $3.63¾ a bushel in Chicago.

Wheat for July delivery gained 1¢ to $4.76¼ a bushel in Chicago, while Kansas City futures lost ¾¢ to $4.85 a bushel.

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2. Export Sales For Corn Mixed, Soybean Sales Down 67% Week Over Week

Export sales for corn were mixed, while those for soybeans plunged week over week.

Corn sales for the 2016-2017 season in the week that ended on June 15 totaled 528,800 metric tons, down 12% from the previous week but up 16% from the four-week average, according to the U.S. Department of Agriculture.

Japan was the biggest buyer at 249,600 metric tons, followed by Mexico, which purchased 82,200 tons, the USDA said. Israel bought 55,500 tons, South Korea was in for 52,800 tons, and Spain purchased 48,500 tons.  

For 2017-2018, sales of 124,000 tons were reported, with Mexico taking 120,000 tons of the total.

Old-crop soybean sales came in at a paltry 111,200 metric tons, down 67% week to week and 72% from the prior four-week average, the USDA said.

Indonesia was the biggest buyer at 72,000 tons, followed by Bangladesh at 57,900 tons, Canada at 21,200 tons, and Mexico, which bought 11,600 tons.

For 2017-2018, sales of 3,800 tons were reported, with Canada taking the bulk.

Wheat sales for delivery in the 2017-2018 year that started on June 1 totaled 542,900 metric tons last week, according to the USDA.

Japan was the biggest buyer at 196,500 tons, followed by Taiwan at 94,900 tons, and the Philippines at 81,000 tons. Algeria bought 59,500 tons and Thailand purchased 45,500 tons, the government said.

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3. Parts of Indiana, Ohio Expected to See Rainfall From Tropical Storm Cindy

Flash flood watches and warnings abound this morning after Tropical Storm Cindy made landfall yesterday.

The warnings stretch from northern Louisiana well into Ohio as rainfall and strong winds are expected after the storm hit land around 3 a.m. on Thursday.

In southern Indiana, a flood watch is in effect through tonight. Heavy rainfall is expected from the tropical storm as it moves north out of the Gulf of Mexico, the National Weather Service said in a report early Friday.

“A band of showers and thunderstorms will develop this morning (in southern and central Indiana),” the NWS said. “Then it will slowly sag southeast during the afternoon.”

As much as 3 inches of rain are expected today, with 4 inches falling in isolated areas. The storms are expected to end late tonight, the NWS said.

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