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3 Big Things Today, August 1

Bean Futures Decline Overnight; Weekly Soybean Ratings Unexpectedly Rise

1. Soybean Futures Drop Overnight as Favorable Weather Boosts Crop

Soybean futures were sharply lower after the U.S. Department of Agriculture raised its crop ratings more than expected. Corn also declined.

About 61% of the soybean crop was rated good or excellent this week, up more than some had expected. Rainfall last week improved crop prospects. Corn was lower overnight, but not by as much as ratings unexpectedly declined week-over-week.

Cooler weather is expected this week with highs mostly in the 80s, which also will help plants that are in critical growth stages.

Soybeans for November delivery lost 14 ¼ cents to $9.93 a bushel overnight on the Chicago Board of Trade. Soymeal declined $4.60 to $320.80 a short ton and soy oil futures lost 0.32 cent to 34.81 cents a pound.

Corn for December delivery fell 3 ¼ cents to $3.81 ½ a bushel overnight.

Wheat for September delivery fell ¼ cent to $4.74 ¼ a bushel and Kansas City futures gained ¼ cent to $4.75 a bushel.


2. Bean Conditions Rise on Favorable Weather, Corn Ratings Decline

Soybean conditions rose amid favorable weather last week while corn rating unexpectedly declined.

The U.S. soybean crop was rated 59% good or excellent as of Sunday, the Department of Agriculture said in a report, up from 57% the prior week and beating analyst expectations also for 57%.

Some 82% of soybeans are blooming, up from 69% last week and the five-year average of 80%, according to the USDA. About 48% were setting pods, up weekly from 29% and the average of 45%.

Corn ratings, meanwhile, fell to 51% good or excellent from 52% last week. Analysts had expected the condition to be unchanged.

About 85% of the crop is silking, right on the average for this time of year and up from 67% the prior week, the USDA said. Twenty-three percent is doughing, up from 8% the prior week and the average of 25%.

Spring wheat ratings were miserable at 31% good or excellent, down 2 points from the prior week and 68% at this time last year. About 9% of the crop was harvested, on par with the average. About 46% of the spring crop in South Dakota was harvested, well above the average of 31% for this time of year.

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3. Dry Weather Tuesday to Help Flood Waters Recede in Illinois, Iowa

It looks to be a mostly quiet day in the Midwest as rainfall likely will hold off until at least tomorrow, according to the National Weather Service.

That will hopefully give floodwaters in parts of Iowa and Illinois a chance to recede.

The Rock River is over its banks in Moline and Joslin in Illinois. Near Joslin, it’s at 15.5 feet, well above flood stage of 12 feet, the NWS said in a morning report. The good news, however, is that the water level is falling.

Several other rivers are overflowing thanks to rainfall last week. More rain is expected to hit the area, but not until Wednesday and even then showers will be spotty and not widespread, so relief from the floods should continue for at least the next few days, the NWS said.  

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