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3 Big Things Today, August 4

Corn, Beans Slightly Higher Overnight; Old-Crop Corn Export Sales Disappointing

1. Soybeans, Corn Rise as Some Believe Crop Still Not Made

Soybean and corn futures were barely higher in overnight trading as bargain hunters aren’t convinced that the crop is as good as some believe.

Soybeans were rated 59% good or excellent at the start of this week, up 2 percentage points from seven days earlier. Farmers, however, have said that the crop isn’t as good as traders think. The excessively hot, dry weather in some areas curbed yields as did flooding in parts of the eastern Midwest, growers have said. 

Buyers also may be jumping into the market as prices have plunged, falling 17¢ yesterday, making soybeans more attractive to overseas buyers and potentially spurring demand.

Soybean futures for November delivery rose 1¢ to $9.61½ a bushel overnight on the Chicago Board of Trade. Soymeal fell 30¢ to $312.30 a short ton, and soy oil futures added 0.06¢ to 33.86¢ a pound.

Corn for December delivery gained 2¼ cents to $3.80 a bushel overnight.

Wheat for September delivery rose 1¾ cents to $4.59½ a bushel, and Kansas City futures added 3¢ to $4.62¾ a bushel.


2. Old-Crop Corn, Wheat Sales to Overseas Buyers Disappointing, Soybeans Mixed

Old-crop corn sales in the week that ended on July 27 were disappointing even if there’s just a month to go in the marketing year.

Exporters sold 36,700 metric tons of the grain for overseas delivery by the end of the 2016-2017 marketing year on August 31. That’s down 60% from the previous week and 83% from the prior four-week average and marketing-year low, according to the Department of Agriculture.

China was the biggest buyer, taking 93,400 tons. Colombia bought 43,300 tons; Mexico was in for 31,200 tons; Guatemala bought 25,800 tons; and Honduras took 12,800 tons. Reductions, however, of 198,500 tons were reported for unknown buyers.

For 2017-2018, net sales totaled 438,300 tons. Mexico bought 176,200 tons; Peru was in for 97,200 tons; and unknown buyers bought 62,300 tons, the USDA said.

Soybean sales were much better than corn, rising 43% to 233,400 tons for 2016-2017. Still, that was down 20% from the four-week average.

Germany bought 139,700 tons; the Netherlands took 75,900 tons; Bangladesh was in for 57,200 tons; Spain purchased 55,900 tons; and the Philippines took 15,600 tons. China canceled an order for 59,500 tons.

For 2017-2018, net sales were reported at 367,500 MT as China bought 129,000 tons; unknown destinations took 99,000 tons; Thailand bought 68,300 tons; and Taiwan was in for 25,000 tons, according to the USDA.

Wheat sales were also miserable at 145,500 tons, a marketing-year low, and down 71% from the previous week and 69% from the four-week average.

Indonesia was the biggest buyer at 41,700 tons. The Philippines took 34,500 tons; Colombia was in for 22,800 tons; Nigeria bought 21,000 tons; and Mexico purchased 20,100 tons. Unknown buyers canceled a shipment of 47,300 tons while Japan canceled a cargo of 18,200 tons.  

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3. Flash Flood Watch Issued For Several Kansas, Missouri Counties This Weekend

A flash flood watch is in effect for several counties along the Kansas-Missouri border through the weekend as excessive rain starting tomorrow morning may cause flooding.

As much as 3 inches of rain will fall in a short amount of time this weekend, which could cause rivers and streams to breach their banks, the National Weather Service said in a report early Friday.

“A slow-moving storm system and near-stationary surface front will bring periods of moderate to heavy rainfall in the watch area,” the agency said. “Once heavy rainfall begins, flash flooding could occur rapidly, especially along creeks, streams, and rivers. Low water crossings and other flood-prone areas could see quick rises once rainfall begins.”

Flooding is already a problem in parts of Illinois and Indiana. Some limited thunderstorms may bring rain to both states this weekend, though the chances of precipitation aren’t good, according to the NWS.

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