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3 Big Things Today, September 23

Corn, Soybeans Lower Overnight; Grains Sales Improve, Bean Purchases Down From Last Week.

1. Corn, Soybean Futures Lower Overnight as Harvest Moves On

Corn and soybeans declined in overnight trading as the harvest progresses in the U.S.

About 9% of the corn crop was collected as of Sunday, the Department of Agriculture said earlier this week. That’s behind the five-year average of 12%. Growers have harvested 4% of U.S. soybeans, behind the average of 5% this week.

Excessive rainfall likely is slowing the harvest and has inundated fields in some counties while causing fungal diseases in others.

Corn futures for December delivery declined 2¼¢ to $3.34½ a bushel overnight on the Chicago Board of Trade.

Soybeans for November delivery fell 7¼¢ to $9.69¼ a bushel overnight. Soy meal futures for December delivery lost $1 to $306.50 a short ton, and soy oil declined 0.24¢to 33.97¢ a pound.

Wheat futures for December delivery fell 1½¢ to $4.04 a bushel in Chicago, while Kansas City futures lost 2½¢ to $4.18¼ a bushel.

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2. Sales of Corn Improved, Soybean Purchases Declined Last Week

Weekly sales of corn to overseas buyers were up week over week, while soybean purchases, while still strong, declined, the USDA said in a report.

Exporters sold 921,900 metric tons of corn to overseas buyers in the week that ended on September 15, according to the government. That’s more than the prior week’s 703,500 tons.

The biggest buyers of U.S. corn were Mexico, which bought 413,800 metric tons of the grain, Peru, which took 134,100 tons, and South Korea, which purchased 122,900 tons. Venezuela bought 57,000 tons, Colombia took 56,800 tons, and Guatemala purchased 41,500 tons, the USDA said.

Soybean sales totaled 875,700 tons, below last week’s 1.02 million tons. China was in the market again, this time purchasing 409,900 tons, while unknown buyers took 198,600 tons and South Korea bought 106,300 tons. The Netherlands purchased 63,900 tons, and Taiwan bought 29,500 tons, according to the government.

Low prices for U.S. inventories have kept buyers interested even as the harvest begins.  

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3. Thunderstorms Continue in Much of Northeastern Iowa   

Heavy rains that led to showers in parts of Minnesota, Iowa, and Wisconsin have left fields and roads flooded the past two days, according to the National Weather Service, and will continue throughout today, mostly in northeastern Iowa.

“Thunderstorms look to continue over northern Iowa through much of the morning hours today,” the NWS said in a report on Friday morning. “Additional heavy rain is possible and may exacerbate the ongoing flooding.”

A flash flood watch and, in some cases, a flash flood warning remain in effect through the early afternoon, the agency said.

The northwestern Midwest will continue to be inundated with wet weather for the next six to 10 days, according to forecaster MDA Information Services. Drier weather in southern and eastern areas this weekend will speed the harvest, while persistent rain in northwestern parts of the Midwest will slow crop drydown, MDA said.  

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