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3 Big Things Today, August 7

Soybeans, Wheat Surge Overnight; Export Inspections of Corn Decline Week to Week.

1. Soybeans, Wheat Surge Overnight as Crop Ratings Fall

Soybeans and wheat jumped overnight after crop ratings fell below expectations.

About 67% of the soybean crop was rated good or excellent as of Sunday, according to the USDA, down from 70% a week earlier and below forecasts for 69%, Allendale said.

Ninety-two percent of the crop was blooming, while 75% was already setting pods, both well above their averages for this time of year, the USDA said in a report.

Some 74% of the spring wheat crop earned top ratings, down from 78% a week earlier and missing expectations for 77% good to excellent.

Corn was 71% good or excellent, according to the government, down from 72% a week earlier, but in line with forecasts.

Soybean futures for November delivery rose 10¼¢ to $9.03¾ a bushel overnight on the Chicago Board of Trade. Soy meal gained $2.70 to $332.20 a short ton, and soy oil added 0.27¢ to 29.07¢ a pound.

Corn futures for December delivery rose 2¼¢ to $3.87½ a bushel overnight.

Wheat for September delivery gained 10½¢ to $5.85 a bushel in Chicago, while Kansas City futures jumped 10½¢ to $5.96½ a bushel.

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2. Weekly Export Inspections of Corn, Wheat Lower, Soybeans Increase

Export inspections of corn and wheat were lower week to week, while soybean assessments rose, according to the USDA.

Government officials inspected 1.29 million metric tons of corn for overseas delivery in the week that ended on August 2, the USDA said. That’s down from 1.66 million tons in the prior seven days.

Wheat assessments were reported at 325,486 metric tons, down from 379,149 tons a week earlier, according to the government.

Soybean inspections came in at 893,109 metric tons last week, up from 768,769 tons in the previous week.

Since the start of the marketing year on September 1, corn inspections are now at 52.7 million metric tons, just behind the year-earlier level of 53.8 million tons. Soybean assessments in the 2017-2018 year were reported at 53.4 million tons vs. the year-earlier level of 55.1 million tons.

Wheat inspections since the start of the marketing year on June 1 are at 3.36 million tons, well behind the year-earlier total for this week of 5.66 million tons, the USDA said.

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3. Thunderstorms Rolling Through Southern Missouri May Bring Hail, Flooding

Storms are rolling through southern Missouri today and tomorrow that may bring hail, flooding, and lightning, according to the National Weather Service.

A cold front is expected to move through the region today and tomorrow, the agency said. Thunderstorms will move ahead of the weather system starting this afternoon.

“A few of the stronger storms could produce hail up to 1 inch in diameter and damaging straight line winds up to 60 mph during the afternoon and evening hours,” the NWS said. “Some of the heavier rain storms, especially those that are slow moving or continue to regenerate and move over the same area, may also produce localized flooding.”

Farther north, storms are also expected in parts of southern Michigan and northern Indiana today that could produce “damaging winds” and heavy rains, the forecaster said.

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