3 Big Things Today, September 20
1. Corn, Beans Higher Overnight Amid Threat of Further Rainfall
Corn and beans were once again higher overnight as more precipitation hits the Midwest.
The National Weather Service this morning said there’s a “threat” of rain every day this week in most of Iowa and Illinois, the biggest producers of both crops. Some rivers are already flooding, and while more rain is forecast, amounts and severity of the rainfall isn’t known. As much as six times normal amounts of rain have fallen in much of the region in the past 60 days, flooding fields and causing fungal diseases including sudden death syndrome in beans.
Farmers may be in for a dry spell as the 11- to 15-day forecast is calling for drier weather in southern and eastern parts of the Midwest, according to MDA Information Services. Drier weather in the regions this week may favor maturation and early harvesting, MDA said in a report on Tuesday.
Corn futures for December delivery rose 1¢ to $3.38¼ a bushel overnight on the Chicago Board of Trade.
Soybeans for November delivery gained 7¼¢to $9.79¾ a bushel in Chicago. Soy meal futures for December delivery added $1 to $312.10 a short ton, and soy oil rose 0.51¢ to 33.59¢ a pound.
Wheat futures for December delivery rose 1¼¢ to $4.05¼ a bushel in Chicago, while Kansas City futures added ¼¢ to $4.16¾ a bushel.
2. Crop Progress Shows Three Fourths of Corn, Beans Earn Top Ratings
If you were solely to look at the weekly Crop Progress Report from the U.S. Department of Agriculture, you wouldn’t know there’s been nonstop rainfall during the past few months that is potentially damaging crops.
U.S. corn was rated 74% good or excellent as of Sunday, on par with the prior week’s rating, the USDA said in a report yesterday. Some 73% of soybeans earned top ratings from the government.
Both crops are forecast to be a record this year after ample rain fell at critical growth periods during development. The problem, however, is that the precipitation never stopped, leading to flooded fields and fungal diseases that are prevalent when too much moisture is present.
Still, the USDA last week pegged corn production at 15.1 billion bushels on yields of 174.4 bushels an acre and soybean output at 4.2 billion on yields of 50.6 bushels an acre.
Some 9% of corn has been harvested, led by North Carolina, Tennessee, and Texas; 4% of soybeans have been collected, mostly in Louisiana, Mississipp,i and Arkansas, according to the USDA. It likely will be a few more weeks until the harvest gets started in earnest as farmers wait for fields to dry out.
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3. Drier Weather Forecast Next Two Days in Parts of Iowa, Illinois
Drier weather looks to be headed to the Midwest for at least the next few days, according to weather maps from the National Weather Service.
Only a slight chance of a thunderstorm is projected north of Interstate 80 in Iowa and Illinois. Though if any precipitation falls, it will be light, the agency said. Recent rains in the region have left rivers overflowing their banks.
A daily threat of storms looms from later this week through the start of next week. Still, “at this time, it’s too early to determine any severe weather or heavy rain threat,” the NWS said.
Some severe weather is expected in the south with heavy rains projected today in parts of Arkansas and extreme eastern Texas and Oklahoma, according to the weather service.
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