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3 Big Things Today, June 6

Wheat Futures Higher Overnight; Corn Ratings Get Bump on Favorable Weather.

1. Wheat Futures Rise as USDA Report Shows Spring Crop Suffering From Dry Weather

Wheat futures rose overnight after a U.S. government report showed a dramatic decrease in spring crop conditions.

Spring wheat was rated 55% good or excellent as of Sunday, down from 62% the prior week, according to the Department of Agriculture. That’s a dramatic drop and an indication that dry conditions are worse that previously thought.

Little or no rain has fallen in North Dakota, the biggest producer of spring wheat, in the past 14 days, according to the National Weather Service.   

Wheat futures for July delivery rose 3¼¢ to $4.32¾ a bushel overnight on the Chicago Board of Trade. Kansas City wheat added 5¼¢ to $4.35¼ a bushel in Chicago.

Corn futures for July delivery fell ¼¢ to $3.72¾ a bushel overnight.

Soybeans gained 2¾¢ to $9.24¾ a bushel in Chicago. Soy meal added $1.10 to $301.70 a short ton, and soy oil rose 0.12¢ to 31.43¢ a pound.

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2. Corn Crop Gets Bump in Ratings on Favorable Weather, Planting Almost Finished

While the spring wheat crop suffers from dry weather, the U.S. corn crop seems to be thriving.

The Department of Agriculture said in its Weekly Crop Progress Report that 68% of corn was in good or excellent condition as of Sunday, up from 65% the prior week. The rating is down from a stellar 75% at the same time last year.

About 96% of the crop has been planted, almost on par with the prior five-year average, and 86% has emerged from the ground, the USDA said.

The report showed growers are 83% finished planting soybeans, now up from the five-year average of 79% for this time of year. Some 58% of the crop has emerged, almost unchanged from normal, according to the agency.

The winter wheat crop harvest is under way with 10% collected as of Sunday. That’s up from the average of 7% for this time of year and 2% at the same time last year. The crop is rated 49% good or excellent, down 1 point from last week, the USDA said.

For spring wheat, the condition fell 7 points to 55%, and 90% of the crop has emerged from the ground.

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3. Midwest to Remain Dry Tuesday, Thunderstorms Possible in Southeastern U.S.

Weather maps look mostly dry and pleasant for much of the Midwest today with the only widespread storms indicated in the U.S. in the southeast.

Strong but scattered thunderstorms are possible for much of Tennessee and Mississippi today with some maybe sparking up in extreme eastern Arkansas, according to the National Weather Service.

Flooding is still an issue in counties along the Mississippi and Illinois rivers. Though there’s no precipitation in the forecast for at least the next 24 hours, the floods are from prior rains upstream and likely will continue for some time, the NWS said in a morning report.

Flood warnings are also in effect for several rivers in Louisiana, according to the service.

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