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3 Big Things Today, May 26

Corn, Beans Little Change Overnight; Export Sales Down For Corn, Up For Soybeans

1. Corn, Beans Little Changed as Investors Weigh Wet Weather, Global Output

Grains and soybeans were little changed in overnight trading as investors weigh wet weather in the Midwest vs. large global production.

Rain continues to fall in many parts of the Midwest and storms are likely over the weekend in from Nebraska to Ohio. That is delaying planting in some areas, growers said, while causing concern about replanting in others.  

Still, global production is keeping a lid on prices. World corn output in the marketing year that ends August 31 is forecast at 1.07 billion metric tons, easily a record, according to the U.S. Department of Agriculture.

That will decline in the following year – to the second-most on record at 1.033 billion tons, according to the USDA.

Corn futures for July delivery rose ¾¢ to $3.70 a bushel overnight on the Chicago Board of Trade.

Soybean futures fell 1¾¢ to $9.37¾ a bushel overnight. Soy meal lost 10¢ to $304.60 a short ton, and soy oil futures fell 0.04¢ to 32¢ a pound.

Wheat for July delivery rose ½¢ to $4.31¼ a bushel in Chicago, and Kansas City futures gained 1¾¢ to $4.33 a bushel.


2. U.S. Corn Sales Decline, Soybeans Improve Week-to-Week, Wheat Mixed

Sales of U.S. corn to overseas buyers dropped while soybean sales improved last week.

Exporters sold 457,200 metric tons of corn for delivery in the 2016-2017 marketing year, down 35% from the prior week and 33% from the four-week average, the Department of Agriculture said in a report.

Japan was the biggest buyer at 227,400 metric tons, followed by Mexico at 68,600 tons and Taiwan at 67,000 tons. South Korea purchased 62,800 tons and Bangladesh bought 53,400 tons. Unknown buyers cancelled a purchase of 120,000 tons, and Nigeria cancelled a 50,000-ton buy, the USDA said.

Soybean sales rose 33% from the previous week to 472,700 tons, the government said. The total was up 9% from the four-week average.

Unknown buyers were the biggest purchasers at 148,500 tons, followed by China at 130,000 tons. Pakistan took 65,000 tons, and Canada bought 31,400 tons

Wheat for delivery in the marketing year that ends May 31 totaled 201,900 tons, down 19% from the prior week but up 49% from the four-week average, the USDA said. Mexico was the big buyer at 119,500 tons, followed by Venezuela at 60,000 tons. Japan bought 56,300 tons, and Taiwan purchased 52,700 tons.

For 2017-2018 year that starts June 1, sales totaled 342,900 tons. Mexico was the biggest buyer at 231,700 tons, followed by Guatemala at 37.700 tons. Unknown buyers bought 28,400 tons, and South Korea purchased 16,000 tons, the USDA said.

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3. Storms to Bring Rain to Much of Midwest This Weekend, Mississippi River Still Flooding

More rainfall is expected in parts of Nebraska, Iowa, Illinois, and Indiana this weekend, which likely will keep farmers out of fields in many areas.

Scattered thunderstorms are likely this weekend in Nebraska as a convective complex moves through the Midwest, according to the National Weather Service. The storms likely won’t bring severe weather but incessant rains.

Storms also are expected to develop across much of Iowa today, some of which might become severe, the NWS said.

“Gusty winds and hail will be the primary threats with any stronger thunderstorm,” the NWS said. “Locally heavy downpours will also accompany the thunderstorms, possibly producing ponding of water on roads and in drainage ditches. The Mississippi River is experiencing flooding.”

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