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3 Big Things Today, August 16, 2022

Soybeans, Grains Lower Overnight; Weekly Export Inspections Decline

1. Soybeans, Grains Drop Overnight on Wetter Weather

Soybeans and grains were again lower in overnight trading on forecasts for wetter weather in parts of the U.S. Corn Belt this week and as the wheat harvest progresses.

Rainfall was near expectations over the weekend, favoring the upper Midwest including parts of Minnesota, Wisconsin, Iowa, Indian and southern Michigan, said Don Keeney, an agricultural meteorologist with Maxar.

Rains are expected to favor western growing areas through Friday, the forecaster said.

Precipitation this week should "finally" improve soil-moisture and crop conditions in Minnesota, Iowa and Missouri, he said.

About 58% of the U.S. soybean crop was in good or excellent condition as of Sunday, the Department of Agriculture said in a report Monday. That's down 1 percentage point from the previous week and equal to expectations from analysts polled by Reuters.

Seventy-four percent of the crop was setting pods, down from the prior five-year average of 77%, while 93% was blooming, on par with the average for this time of year.

Some 57% of U.S. corn earned top ratings at the start of the week, down from 58% a week earlier, the USDA said. Analysts polled by Reuters were expecting 56% to be in good or excellent shape.

Sixteen percent of the crop was dented as of Sunday, down from the normal 20% for this time of year, and 62% was dented, down from the average of 65%, the government said.

Silking was almost complete at 97%.

The spring-wheat harvest rolled on as 16% was in the bin at the start of the week, the USDA said. Still, that's less than half the 35% that normally is in the bin at this point.

Winter wheat in the U.S. was 90% harvested as of Sunday, down from the prior five-year average of 94%, the USDA said.

Soybean futures for November delivery dropped 13¢ to $13.99 ¼ a bushel overnight on the Chicago Board of Trade. Soymeal was down $2.40 to $402.70 a short ton, while soybean oil futures lost 0.69¢ to 66.31¢ a pound.

Corn futures for December delivery fell 7 1/2¢ to $6.20 ¾ a bushel.

Wheat for December delivery lost 12¢ to $8.05 ¾ a bushel while Kansas City futures dropped 11 1/2¢ to $8.73 ½ a bushel.

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2. Weekly Export Inspections Lower Across the Board

Inspections of corn, soybeans and wheat for overseas delivery all declined last week, according to data from the USDA.

Corn assessments in the seven days that ended on Aug. 11 totaled 538,406 metric tons, down from 555,620 tons the previous week, the agency said in a report.

That's also down from the 792,596 metric tons examined during the same week a year earlier.

Soybean inspections totaled 744,571 tons, down from 871,345 tons a week earlier. That was, however, up from the 278,420 tons assessed at the same point last year, the USDA said.

Examinations of wheat last week plunged to 373,227 metric tons, down from 635,720 tons in the prior seven days and below the 593,620 tons inspected at the same time in 2021, the government said.

Since the start of the marketing year on Sept. 1, the agency has inspected 53.1 million metric tons of corn for overseas delivery. That's down from the 64.7 million tons assessed during the same timeframe a year earlier.

Soybean inspections since the beginning of September now stand at 55.3 million metric tons, down from 58.8 million tons during the same period last year, the agency said.

Wheat assessments since the start of the grain's marketing year on June 1 now stand at 3.88 million metric tons, down from 5.04 million ate the same point last year, the USDA said in its report.

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3. Storms Forecast For Parts of North Dakota, Minnesota Tuesday

Thunderstorms are expected in parts of North Dakota and Minnesota today, while hot weather continues in Oklahoma and Arkansas, according to the National Weather Service.

Scattered showers are likely today and tonight in eastern North Dakota and western Minnesota, the NWs said in a report early this morning.

Hail of up to an inch around, wind gusts of up to 60 miles an hour and localized flash flooding are all possible with the storm system, the agency said.

The storms are forecast to continue through Friday, though more severe weather isn't expected.

In Oklahoma, meanwhile, a heat advisory has been issued from noon to 7 p.m. in eastern parts of the state into Arkansas, the NWS said.

Heat indexes are expected to top out around 109 degrees Fahrenheit this afternoon. Those working outside should take extra precautions and understand the symptoms of heat exhaustion and heat stroke, the agency said.  

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