3 Big Things Today, September 8
1. Soybeans Rise as Rains Persist; Disease and Harvest Worry Growers
Soybean futures rose overnight as excessive rain continues to fall in much of the Midwest, threatening crops and leading to worries that if it persists, the harvest could be affected.
Fungal diseases (such as sudden death syndrome in soybeans) have been reported in several states, and flooded fields have been a problem for weeks as rains persist in the region. The incidence of fungal diseases increases in years when excessive rain falls in growing areas.
As much as six times the normal amount of precipitation has fallen in the past 30 days in much of the Midwest, according to the National Weather Service.
Soybeans for November delivery rose 6¾¢ to $9.82¼ a bushel overnight on the Chicago Board of Trade, soy meal futures for December delivery gained $2.20 to $318.90 a short ton, and soy oil added 0.25¢ to 33.40¢ a pound.
Corn futures for December delivery rose 1¢ to $3.34¼ a bushel.
Wheat futures for December delivery added ½¢ to $4.03 a bushel overnight in Chicago, while Kansas City futures gained 1¼¢ to $4.12¼ a bushel.
2. Longer-Term Weather Forecasts Call For More Precipitation
Rainfall that’s become more of a liability than an asset in some growing areas this year isn’t expect to let up in the next 10 to 15 days, according to weather forecasters.
The Midwest is expected to be wet in the next six to 15 days, especially in the center of the region, said Donald Keeney, a senior agricultural meteorologist with MDA Information Services in Bethesda, Maryland.
“Rains in central areas over the next few days will increase wetness concerns for corn and soybeans,” he said. Still, a bout of dry weather this weekend may help dry things out before another round of rain begins to fall next week, he wrote in a forecast on Thursday.
The southeastern Plains also are expected to be wetter than normal in the next six to 10 days, while east-central parts of the region will continue to see rain for the next 15 days, Keeney said.
Commodity Weather Group (CWG) forecasters concur with the outlook from MDA and expect additional showers to slow corn and bean harvest that’s already started in the extreme southwestern Midwest, the company said.
Rain will “hinder maturing corn and soybeans” in the central and southwestern Midwest, though “more limited rain trends” in the 11- to 15-day outlook may help dry out some areas, CWG said. Lighter rainfall in southern states also may favor corn and bean harvest, the forecaster said.
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3. Thunderstorms Roll Through Nebraska, Iowa as Flooding Continues
Thunderstorms are expected in a wide swath of land encompassing most of eastern Nebraska through central Iowa, the National Weather Service said in a report on Thursday morning.
“Isolated thunderstorms could develop … late this afternoon,” the NWS said. “Chances will increase over all of eastern Nebraska and southwest Iowa this evening and continue into tonight. Some strong to severe storms are possible.”
More storms will form on Friday, and while the threat of severe weather is low, rainfall will linger in the region into the weekend.
It’s more of the same elsewhere in the Midwest as flood warnings and watches spread from central Kansas to northern Illinois. Persistent rainfall has caused flooding in several areas.
The Illinois River, one of many that are over their banks, is currently at 14.6 feet, surpassing flood stage of 14 feet, the NWS said. The river is expected to peak at 14.7 feet this morning then recede below flood stage by Sunday evening.
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