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3 Big Things Today, August 5, 2022

Soybeans, Grains Lower Overnight; Exports to China Rise 15% Year-on-Year

1. Soybeans, Grains Lower in Overnight Trading

Soybean and grain futures were lower in overnight trading after a weak export sales report with only about a month to go in the marketing year.

Sales of soybeans in the seven days that ended on July 28 totaled only 11,000 metric tons, down 81% from the previous week and 90% from the prior four-week average, according to the U.S. Department of Agriculture.

China bought 124,800 metric tons, Mexico purchased 64,800 tons, the Netherlands took 57,400 tons, Malaysia was in for 15,300 tons and Vietnam took 4,400 tons.

The purchases were offset by cancelations by an unnamed country for 229,500 metric tons, the USDA said. Bangladesh canceled shipments totaling 55,000 tons as well.

Corn sales totaled 57,900 metric tons, down 62% week-to-week, the USDA said. Still, that was up 31% from the average.

Japan took 53,800 metric tons, Mexico bought 36,200 tons, the Netherlands were in for 13,200 tons, Trinidad and Tobago bought 9,700 tons and China was in for 5,700 tons.

An unnamed country nixed shipments of 51,600 tons and Jamaica canceled 9,600 tons in orders, the agency said.

Wheat sales dropped 39% week-to-week to 249,900 metric tons, which was down 55% from the four-week average.

Unknown destinations bought 80,000 metric tons, Indonesia was in for 70,000 tons, Mexico purchased 64.900 tons, Costa Rica was in for 11,500 tons and Venezuela took 7,500 tons. Guatemala canceled cargoes totaling 15,100 tons.

Underpinning prices, however, is extremely hot weather in the U.S. Midwest.

Triple digits are expected from North Dakota into Texas today, according to data from the National Weather Service.

Soybean futures for November delivery fell 9 1/4¢ to $14.08 1/2 a bushel overnight on the Chicago Board of Trade. Soymeal dropped $3.30 to $417.40 a short ton, while soybean oil futures rose 0.38¢ to 61.8¢ a pound.

Corn futures for December delivery were down 3 1/2¢ to $6.02 3/4 a bushel.

Wheat for September delivery declined 5 1/2¢ to $7.77 a bushel while Kansas City futures fell 4¢ to $8.56 1/4 a bushel.

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2. Agricultural Shipments in First Half of 2022 to China Rise 15%

The U.S. shipped $17.5 billion worth of agricultural goods to China from January through June, a 15% increase from the same timeframe last year, according to data from the Census Bureau.

That once again makes the Asian country once the biggest buyer of U.S. agricultural products.

Soybean exports to China in the first half of the year totaled $5.13 billion, corn shipments were valued at $3.08 billion and cotton cargoes totaled $1.95 billion, the bureau said. Sorghum followed at $1.61 billion.

China also purchased a lot of U.S. meat.

Beef exports were reported at $1.07 billion, poultry meat and products excluding eggs were valued at $582 million and pork shipments totaled $579 million, the government said.

Forest products including lumber and logs totaled $968 million, dairy shipments came in at $379 million and seafood totaled $363 million.

Hay exports were valued at $287 million and hides and skins totaled $260 million in the first half of the year, the bureau said in its report.

Overall, the U.S. shipped $71.6 billion worth of goods to China from January through June, the report said. Imports, however, totaled $271.7 billion, leaving a trade deficit with the Asian country of more than $200 billion, government data show.

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3. Extreme Heat Expected From North Dakota to Texas

Hot weather again reigns in the U.S. Corn Belt as heat advisories have been issued from southern North Dakota into central Texas, according to the National Weather Service.

In southern South Dakota and northern Nebraska, excessive heat warnings also have been issued as indexes of up to 107 degrees Fahrenheit are expected, the NWS said in a report early this morning.

The warning is in effect from 1 p.m. to 8 p.m. central time.

"Extreme heat and humidity will significantly increase the potential for heat related illnesses, particularly for those working or participating in outdoor activities," the agency said.

In the southern half of Iowa and parts of Missouri and Illinois, heat indexes are expected to hit 104 degrees Fahrenheit this afternoon. 

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