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332058

3 Big Things Today, August 11, 2022

Grains, Soybeans Rise Overnight; Ethanol Production Falls Week-to-Week

1. Grains, Soybeans Higher Overnight on Dry Weather

Grain and soybean futures were again higher in overnight trading amid dry and hot weather in parts of the U.S.

Little or no rain has fallen in much of Nebraska, Kansas, southern Iowa and northern Missouri in the past seven days, according to the National Weather Service's precipitation page.

Heat index values in South Dakota today are expected reach into the triple digits.

Oklahoma and Texas also have seen little rain in the past week. North Dakota also has been dry in recent days, NWS maps show.

Crop conditions have declined as the growing season progresses into critical stages.

About 58% of the U.S. corn crop was in good or excellent condition at the start of the week, down from 61% a week earlier, according to the Department of Agriculture.

Six percent of the crop was dented, 45% was in the dough stage and 90% was silking as of Sunday, the USDA said.

Some 59% of soybeans earned top ratings, down from 60% a week earlier. Sixty-one percent of the crop was setting pods while 89% was blooming, the agency said.

Rainfall likely will favor northwestern parts of the Corn Belt today and tomorrow and some north-central areas this weekend, said Don Keeney, an agricultural meteorologist with Maxar.

"Rains in northwestern areas should improve moisture a bit, but dryness and stress will remain extensive in west-central areas," Keeney said in a note to clients.

Corn futures for December delivery rose 3 3/4¢ to $6.12 ¼ a bushel overnight on the Chicago Board of Trade.

Wheat for September delivery gained 6 1/4¢ to $8.06 a bushel while Kansas City futures added 5¢ to $8.77 ¾ a bushel.

Soybean futures for November delivery rose 10 3/4¢ to $14.38 ½ a bushel. Soymeal added $6 to $413.80 a short ton, while soybean oil futures were up 0.09¢ to 66.08¢ a pound.

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2. Ethanol Production Falls, Stocks at Lowest in Six Weeks

Ethanol output dropped in the seven days that ended on Aug. 5 while inventories fell to the lowest level in six weeks, according to data from the Energy Information Administration.

Production of the biofuel declined to an average of 1.022 million barrels a day last week from 1.043 million barrels a week earlier, the EIA said in a report.

In the Midwest, by far the biggest producing region, output fell to average of 965,000 barrels a day last week. That's down from 984,000 barrels the previous week, the agency said.

Gulf Coast output dropped to 22,000 barrels a day from 25,000 barrels a week earlier. That's the lowest for the region since June 3. Rocky Mountain production was down to 14,000 barrels a day, on average, the lowest level since July 1, the EIA said.  

Producers on the East Coast again kicked out 12,000 barrels a day, unchanged since July 8.

West Coast output was the lone decliner for the week, dropping to an average of 14,000 barrels per day from 15,000 barrels the previous week, the agency said. That's also the lowest since July 1.

Ethanol stockpiles, meanwhile, fell to 23.256 million barrels in the week through Aug. 5.

That's down from 23.394 million barrels the previous week and the lowest since the seven days that ended on June 24, the EIA said in its report.

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3. Heat Advisory Issued in Western South Dakota Thursday

A heat advisory has been issued in parts of western South Dakota for this afternoon, according to the National Weather Service.

Heat indexes are forecast as high as 102 degrees Fahrenheit today, the NWS said in a report early this morning. The advisory will take effect at noon and last until 7 p.m.

Further south and east, scattered storms are expected today in parts of central Iowa, the agency said. No severe weather is expected.

The storms likely will continue into tomorrow in the area, gradually moving north and northeast, the NWS said.

Isolate storms also are possible in parts of central Illinois this afternoon into the early evening. The region may see some thunderstorms on Saturday evening, though again the threat of severe weather is low, the agency said.   

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