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3 Big Things Today, June 9

Corn, Beans Fall in Overnight Trading; Few Fireworks Seen in Today's WASDE Report.

1. Corn, Soybeans Lower in Overnight Trading on Weak Export Sales

Corn and soybeans declined amid weak export sales while wheat followed.

Exporters sold 348,600 metric tons of corn in the week that ended on June 1 for delivery in the 2016-2017, down 15% from the prior week and 25% from the previous four-week average, according to the U.S. Department of Agriculture. Analysts estimated sales between 500,000 and 850,000. 

Old-crop soybean sales came in at 159,100 metric tons, down 74% week to week and 64% from the average, the USDA said in a report. That’s well below forecasts for 500,000 to 900,000 tons.

Wheat sales totaled 461,000 metric tons for delivery in the marketing year that started on June 1.

Corn futures for July delivery fell 2¾¢ to $3.83 a bushel overnight on the Chicago Board of Trade.

Soybeans lost 1¾¢ to $9.36¼ a bushel in Chicago. Soy meal was unchanged at $306.10 a short ton, and soy oil was down 0.14¢ to 31.71¢ a pound.

Wheat futures for July delivery declined 4¢ to $4.45¼ a bushel overnight in Chicago, while Kansas City wheat lost 5¼¢ to $4.48½ a bushel in Chicago.


2. Investors Don’t Expect Much Change in Today’s WASDE; Brazil Bean Output May Rise

The U.S. Department of Agriculture will release its monthly World Agricultural Supply and Demand Estimates (WASDE) Report at noon (EDT) today, and it’s not expected to really show many surprises.

Industry estimates peg 2016-2017 corn ending stockpiles at 2.287 billion bushels and 2017-2018 inventories at 2.085 billion bushels. The USDA last month forecast old-crop carryout at 2.295 billion bushels and new-crop numbers at 2.11 billion bushels.

The average forecast for 2016-2017 soybeans inventories is 433 million bushels with new-crop stocks are seen at 485 million. That compares with 435 million and 480 million, respectively, forecast last month by the USDA.

For wheat, carryout is seen at 1.16 billion bushels in old crop and 911 million bushels in 2017-2018. That’s almost on par with the 1.159 billion bushels in 2016-2017 and new-crop stocks of 914 million forecast by the USDA in May.

Production in Argentina is pegged at 40.3 million metric tons, up slightly from 40 million forecast last month, while bean output is projected at 57.4 million tons vs. 57 million tons in May.

In Brazil, corn production is seen at 96.5 million tons, up from the prior forecast for 96 million, and soybean output is estimated at 112.2 million tons, above the May outlook for 111.6 million tons.

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3. Little Rain Forecast For Midwest as Temperatures Near Triple Digits This Weekend

Isolated thunderstorms are expected in much of Iowa today, though none are forecast to be severe, according to the National Weather Service.

The state needs rain, as little has fallen in the past two weeks, NWS data show.

For the weekend, temperatures are expected to rise in much of the Midwest. Heat indexes in some areas of Iowa and Illinois will top 100˚F. from Saturday through Monday. Actual temperatures will range from 90˚F. to 100˚F., the agency said in a morning report.

Further east, there’s a slight chance of storms today and tonight for much of northern Indiana and southern Michigan, though growers shouldn’t expect much.

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