3 Big Things Today, August 24, 2022
1. Soybean, Grain Futures Jump in Overnight Trading
Soybeans and grains were again higher in overnight trading amid worsening crop projections in Nebraska and Indiana.
The Pro Farmer Crop Tour showed projected yields that were well below what was seen last year for soybeans and corn in both states.
Corn-yield forecasts and pod-counts for Nebraska both were down 13% year-over-year. In Indiana, the corn-yield outlook was down 8.1% from last year while the pod count for beans declined 5.9%, Pro Farmer said.
Reports from the fields are showing some tip back in corn and hail damage to fields in Indiana and parts of Illinois. In Nebraska, participants indicated signs of drought during critical growing stages.
About 55% of the U.S. corn crop was in good or excellent condition as of Sunday, down from 57% a week earlier, the U.S. Department of Agriculture said in a report this week. That's also down from the 60% that earned top ratings at the same point last year.
Four percent of the crop was mature at the start of the week, on par with the average for this time of year. Some 31% was dented, down from the 35% average, and 75% was silking versus the normal 79%, the government said.
Around 57% of soybeans were in good or excellent condition, down from 58% a week earlier. Eighty-four percent of the crop was setting pods, down slightly from the prior five-year average of 86%, the USDA said.
Soybean futures for November delivery jumped 15 3/4¢ to $14.76 ¾ a bushel overnight on the Chicago Board of Trade. Soymeal was up $4.20 to $431.40 a short ton, while soybean oil futures gained 0.21¢ to 67.31¢ a pound.
Corn futures for December delivery surged 10¢ to $6.65 ¼ a bushel.
Wheat for December delivery added 9 1/4¢ to $8.09 ¾ a bushel while Kansas City futures rose 14¢ to $8.93 a bushel.
2. Nebraska, Indiana Corn and Soybeans Looking Worse Than Last Year
Corn and soybeans in Nebraska and Indiana are looking worse than a year earlier, according to scouts on the Pro Farmer Midwest Crop Tour that continues throughout the week.
In Nebraska, corn yields were pegged by scouts at 158.5 bushels an acre, down from the outlook for 182.4 bushels an acre in the state last year, according to a report from Pro Farmer.
That's also well below the prior three-year average of 176.7 bushels an acre.
Soybean pods in a 3-foot by 3-foot plot totaled 1,063.7, down from 1,226.4 last year and the average of 1,245.1 for this time of year, the report said.
It was much the same in Indiana.
Corn yields are forecast at 177.9 bushels an acre, down from the 193.5 bushels projected last year and the three-year average of 178.3 bushels, Pro Farmer said.
Soybean pods in a 3-by-3 square were reported at 1,166, down from 1,239.7 last year but up from the average of 1,148.3, the report said.
As little as 5% of the normal amount of rain has fallen in much of Iowa, the Dakotas, Nebraska, Kansas and Oklahoma in the past 30 days, according to the National Weather Service's precipitation page.
About 21% of Nebraska had adequate topsoil moisture as of Aug. 21 while the remainder of the state saw short or very short conditions, according to the USDA.
It's much better in Indiana where 66% of the state is seeing adequate or surplus topsoil moisture, government data show.
3. Storms Forecast For Parts of Iowa, Minnesota on Wednesday
Scattered showers and thunderstorms are expected today and tonight in northern and eastern Iowa, according to the National Weather Service.
"Though the risk for severe weather is low, a few strong storms cannot be ruled out," the NWS said in a report early this morning.
Chances for showers will persist into the weekend in the area.
Storms also are expected this afternoon and evening in parts of central and southern Minnesota and parts of western Wisconsin, the agency said.
The worst of the weather is expected in part s of western Wisconsin and southeastern Minnesota.
"A few strong thunderstorms capable of small hail, gusty winds and locally heavy downpours are possible," the NWS said.