3 Big Things Today, August 22
1. Soybeans, Grains Little Changed as Crop Progress, Tour Meet Expectations
Soybeans and grains were little changed as the USDA’s Crop Progress Report showed little change week to week.
Corn was rated 62% good or excellent as of Sunday, unchanged from last week, according to the USDA.
About 60% of soybeans earned top ratings, up 1 percentage point from the prior week, the USDA said in a report. That’s on par with industry expectations.
The annual crop tour found corn yields and soybean pod counts around what was expected in Ohio and South Dakota, leaving traders in Chicago little to get excited about.
Soybean futures for November delivery rose 2¢ to $9.38 a bushel overnight on the Chicago Board of Trade. Soy meal gained 60¢ to $299.60 a short ton, and soy oil futures added 0.15¢ to 34.32¢ a pound.
Corn futures for December delivery added ½¢ to $3.63½ a bushel in Chicago.
Wheat for December delivery rose ¾¢ to $4.37¾ a bushel in Chicago. Kansas City futures gained 1½¢ to $4.37¼ a bushel.
2. Ohio Corn Crop Pegged as Best Since 2014, While South Dakota is Worst in Four Years
The Ohio corn crop likely will top last year, while the South Dakota crop will probably fall short, according to results from the Farm Journal Crop Tour that’s rolling through the Midwest this week.
The tour, which started yesterday, pegged the Ohio crop at 164.6 bushels an acre in Ohio, which, if realized, would be the highest since 2014. Growers in the state last year harvested 159 bushels an acre, according to the USDA.
The tour doesn’t estimate yield for soybeans. Instead, it counts pods, which, in Ohio, totaled 1,107 in a 3-foot×3-foot area. That’s below the three-year average of 1,174.2 pods in the same space.
In South Dakota, the tour expects corn yield around 148 bushels an acre, down from 161 bushels last year. If realized, that would be the smallest yield since 2013, according to the USDA.
The soybean pod count in South Dakota was reported at 899.6 in a 3-foot×3-foot area, down from the three-year average for the state of 1,027.8, according to the tour.
The western leg of the crop tour rolls into Nebraska today, where scouts likely will find variable yields as they did in South Dakota due to the rains that hit some areas but missed others.
Tour participants on the eastern leg move into Indiana today. Excessive rain fell in much of the Hoosier state throughout much of the growing season, so it’ll be interesting to see what scouts find.
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3. Flash Flood Warnings, Watches in Effect Along Kansas-Missouri Border
A flash flood warning is now in effect for counties in parts of western Kansas and eastern Missouri after rain has caused river levels to rise.
An area that includes Leavenworth, Kansas, and Kansas City, Kansas and Missouri, are now in a flood warning or watch, according to the National Weather Service.
“Flooding is occurring or is imminent,” the NWS said in a report early Tuesday. “It’s important to know where you are relative to streams, rivers, or creeks which can become killers in heavy rain.”
Low-lying areas including farmland are already flooded or will soon be.
Farther east, severe thunderstorms that may bring damaging winds and heavy rains are possible in the Ohio Valley Tuesday.
Heavy rains also are possible in the Central Plains and southern Rockies starting this afternoon, according to the NWS.
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