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3 Big Things Today, September 16

Corn, Beans Little Changed on Neutral Report; Export Sales Stayed Strong Last Week.

1. Corn, Beans Modestly Lower Overnight on Neutral Sales

Corn and soybean futures were slightly lower overnight as a neutral Export Sale Report is expected on Thursday.

Sales in the week that ended on September 8 weren’t as good as they have been in the past few weeks, but considering it was a four-day week due to Labor Day, that was to be expected. Sales of corn, beans, and wheat were lower last week even as prices continued to decline.

Analysts have said next week’s Export Sales Report will be a better gauge of whether importers are still seeking supplies from the U.S.

The weather in the U.S. and Brazil continues to support prices. Excessive rain in much of the Midwest has left some fields under water and other with diseases such as sudden death syndrome, growers and analysts said. In Brazil, a recent dry spell is worrying growers who are set to plant their second corn crop.  

Corn futures for December delivery fell 1½¢ to $3.28½ a bushel overnight on the Chicago Board of Trade.

Soybeans for November delivery lost 1¼¢ to $9.49 a bushel in Chicago. Soy meal futures for December delivery declined $1.10 to $306.10 a short ton, and soy oil rose 0.12¢ to 32.40¢ pound.

Wheat futures for December delivery fell ¾¢ to $3.98¾ a bushel in Chicago, while Kansas City futures lost ½¢ to $4.15½ a bushel.

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2. Export Sales Stay Strong as Labor Day Brings Down Totals

Export sales in the week that ended on September 8 were still strong despite being down from the prior seven days, but that’s to be expected when the week is shortened by a holiday.

Growers sold 703,500 metric tons of corn last week, down from 1.09 million tons the prior week, the U.S. Department of Agriculture said in a report yesterday. The big buyers were South Korea, which purchased 191,100 tons, Colombia, which bought 170,900 tons, and Chile, buying 93,600 tons. Peru, Japan, and Vietnam also made purchases.

Soybean sales totaled 1.02 million tons vs. 1.78 million tons the prior seven days. China, the world’s biggest importer of the oilseeds, bought 641,700 metric tons, the USDA said. Unknown buyers were a distant second, taking 100,500 tons, Mexico bought 66,900 tons, Pakistan took 65,800 tons, and Japan was in for 30,300 tons.

Wheat sales were down 39% to 402,200 tons, with Japan taking 91,200 tons, the Philippines buying 68,500 tons, Sri Lanka in for 64,800 tons, Algeria buying 55,00 tons, Taiwan taking 53,700 tons, and Ecuador purchasing 37,400 tons. It’s always good to see a wide range of buyers in the market for U.S. wheat.

Strong sales so far for the 2016-2017 marketing year that started on September 1, driven by low prices and a weakened dollar, are welcome as a glut of grain and soybeans is about to hit the market. The USDA has forecast record production for both corn and beans.

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3. More Rain Expected in Parts of Iowa, Southeastern Nebraska Through Today  

Heavy rainfall is expected in parts of eastern Iowa and western Illinois today, according to the National Weather Service.

“Brief heavy downpours and winds gusting to 35 mph will be possible from the stronger storms,” the NWS said in a report on Friday morning. “Area rivers are experiencing flooding.”

The storms may slow this weekend but will again pick up in the early part of next week, as thunderstorms are forecast for Monday and again on Wednesday, according to the agency.

A strong thunderstorm that rolled through southeastern Nebraska, northeastern Kansas, and northwestern Missouri, spawning some tornadoes near Omaha, will continue through today then diminish going into the weekend.

“Thunderstorms today through overnight may become strong tonight, containing gusty winds and moderate to locally heavy rainfall,” the NWS said.

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