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3 Big Things Today, August 28
1. Wheat Higher Overnight, Looks to Break Six-Session Losing Streak
Wheat futures were higher in overnight trading, looking to break a streak of six straight losses on global production concerns and as Egypt seeks supplies.
Adverse weather in several producing areas including Germany, France, and Ukraine has curbed prospects for global production in recent weeks.
The USDA earlier this month pegged global output at 729.6 million metric tons, down from a prior outlook for 736.3 million tons, lowering production prospects in the European Union by 8 million tons.
On the demand side, Egypt is reportedly seeking to purchase wheat from global supplies.
Wheat futures for December delivery rose 4¢ to $5.26½ a bushel overnight on the Chicago Board of Trade. Kansas City futures added 5¢ to $5.35 a bushel.
Corn gained ¼¢ to $3.61¾ a bushel in Chicago.
Soybean futures lost 1¢ to $8.47¼ a bushel overnight. Soy meal futures fell 30¢ to $310.30 a short ton, and soy oil added 0.09¢ to 28.85¢ a pound.
2. Weekly Export Inspections of Corn, Soybeans Higher, Wheat Little Changed
Export inspections of corn and soybeans jumped week to week, while wheat assessments were little changed.
The USDA said in a report that it inspected 1.25 million metric tons of corn for overseas delivery in the week that ended on August 23. That’s up from 1.1 million tons in the prior seven days and 835,796 tons during the same week a year earlier.
Soybean assessments last week totaled 901,620 tons, well above the 650,021 tons recorded the prior week, according to the USDA. The government inspected 738,552 tons during the same time frame in 2017.
Wheat inspections were little changed at 488,187 tons vs. 488,489 tons seven days earlier, but down from 690,707 tons during the same week in 2017.
Inspections of corn surpassed the year-ago level with only a week left in the marketing year that ends on August 31. In the past 51 weeks, the USDA has inspected 56.4 million metric tons of corn for overseas delivery. That’s up slightly from 56.1 million tons assessed during the same period a year earlier.
Soybean inspections in the past year totaled 55.5 million tons, down from 57.1 million in the prior 12 months, according to the government.
Wheat assessments since the start of the grain’s marketing year on June 1 are at 4.84 million tons, down from 7.46 million during the same time frame last year.
3. Storms Bring Excessive Rainfall to Parts of Wisconsin as Flood Warnings in Effect
Parts of southern Wisconsin are getting hammered by a round of storms that are causing flooding in several areas.
Storms in a line from Madison to Milwaukee and in counties just north have led to flash flood warnings and watches. Several inches of rain have already fallen in the area and flooding is already occurring, according to the National Weather Service.
Numerous roads and low-lying fields were under water as of about 6 a.m., and radar was showing 3 to 6 inches – and locally up to 9 inches – has already fallen across the warned area, the NWS said in a report early Tuesday morning.
Another inch of rain is possible in some areas.
In Illinois, meanwhile, excessive heat warnings and heat advisories are in effect for much of the state, along with parts of eastern Missouri and some counties in Iowa.
An excessive heat warning is in effect for parts of southern Illinois and southeastern Missouri where heat indexes may hit as high as 107˚F. this afternoon.