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3 Big Things Today, June 27

Soybeans, Corn Higher Overnight; Crop Ratings Not Improved Despite Favorable Weather.

1. Soybeans, Corn Higher as Crop Conditions Not as Good as Expected

It’s green across the board this morning with soybean and corn futures higher after the U.S. Department of Agriculture’s Crop Progress Report showed conditions weren’t as good as some had expected.

Dry weather persisted in much of the Northern Plains, keeping wheat ratings down, and there was no improvement in the corn crop, as expected, despite mostly favorable weather in the past week.

More rain is expected this week, which should help crop conditions, but that’s what market-watchers had expected last week, analysts said.

Soybean futures for July delivery rose 6¾¢ to $9.20½ a bushel overnight on the Chicago Board of Trade. Soy meal gained $1.40 to $295.50 a short ton, and soy oil added 0.31¢ to 31.83¢ a pound.

Corn futures added 2¢ to $3.61 a bushel in Chicago.

Wheat for July delivery rose 3¼¢ to $4.68¾ a bushel overnight, while Kansas City futures gained 3¢ to $4.74½ a bushel.

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2. Crop Ratings Miss Expectations Despite Rain in Parts of Corn Belt Last Week

Corn and soybeans missed expectations for a week-over-week improvement in the seven days through June 25, according to the Department of Agriculture.

The U.S. corn crop was rated 67% good or excellent, on par with the previous week but missing forecasts to rise to 68% good or excellent. Analysts had expected the crop to improve due to rain that fell in parts of the Midwest last week. The crop was rated 75% good or excellent at the same time last year.

About 4% of the U.S. crop was silking, just behind the five-year average of 5%.

In Iowa, 79% of the crop earned top ratings, while in Illinois, 62% was rated good or excellent, according to the USDA.

Soybean ratings, meanwhile, were reported by the government at 66% good or excellent, down from the prior week’s 67% and the prior year’s 72%. Analysts had expected an increase in top ratings to 68%.

Some 94% of the soybean crop has emerged from the ground, ahead of the average of 91% for this time of year, the USDA said. Nine percent of soybeans are blooming, topping the average of 7%.

In the Northern Plains where it’s been extremely dry this summer, 40% of spring wheat was rated good or excellent, down 1 percentage point from last week and way behind last year when 72% of the crop had earned top ratings.

About 36% of spring wheat was headed as of Sunday, just ahead of average.

Winter wheat was 49% good or excellent this week, unchanged from last week, but well below 62% at the same time a year ago. Some 41% of the crop was harvested, slightly ahead of the five-year average, according to the USDA.

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3. Storm Rolling Out of Rockies Likely to Bring Showers, Severe Weather to Plains

A storm is forecast to roll out of the Rockies this morning and bring areas of showers and thunderstorms to the Northern and Central Plains, according to the National Weather Service, which should give crops a much-needed drink.

The storm will become more widespread late this afternoon into this evening as the system reaches the Midwest, the NWS said.

Some locally heavy rainfall and lightning are expected.

On Wednesday, more showers are expected to spread east across the Midwest and Great Lakes with some severe weather possible, according to the weather service. Further south, some afternoon and evening storms are expected across the Gulf Coast and the Southeast, the NWS said.

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