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331958

3 Big Things Today, August 9, 2022

Soybeans, Grains Jump Overnight; Export Inspections of Corn Decline

1. Soybean and Grain Futures Surge in Overnight Trading

Soybean and grain futures were higher in overnight trading after a U.S. Department of Agriculture report showed crop conditions declined from the previous week.

About 59% of the U.S. soybean crop was in good or excellent condition as of Sunday, down from 60% a week earlier, the USDA said in a report, but in line with expectations from analysts polled by Reuters.

Some 61% of soybeans were setting pods at the start of the week, up from 44% seven days earlier but behind the prior five-year average of 66%, the agency said. Eighty-nine percent of the crop was blooming, up from 79% a week earlier and the 88% average.

Fifty-eight percent of U.S. corn earned top ratings, down from 61% a week earlier, and lower than the 60% expected by analysts.

Six percent was dented, trailing the prior five-year average of 9%, while 45% was in the dough stage, up from 26% last week but just behind the normal 49% for this time of year, the USDA said. Ninety percent was silking up from 80% the previous week and trailing the average of 93%.

Spring wheat conditions, meanwhile, plunged week-to-week to 64% good or excellent from 70% seven days earlier, the government said. Still, that's well above the 11% that earned top ratings during the same week a year earlier.

Nine percent of the crop was harvested as of Sunday, well behind the prior five-year average of 19%, the USDA said.

The winter-wheat harvest is nearing completion with 86% in the bin, up from 82% last week but trailing the average of 91%.

Also boosting prices is some dry weather settled over the central U.S.

Temperatures in the next six to 10 days is forecast to be much above normal over parts of southern Nebraska and almost the entire state of Kansas, Commodity Weather Group maps show. They'll be above average for the rest of Nebraska and parts of South Dakota, Iowa, Oklahoma and eastern Colorado, the forecaster said.

Precipitation, however, is expected to be below normal from central Nebraska and central Iowa south into Texas, CWG said.

Parts of North Dakota, South Dakota, Nebraska, Kansas, northern Missouri, central and southern Iowa and areas in central Illinois composing about 25% of corn and soybean area will be the driest, though that narrows slightly starting on Friday, the forecaster said.

Soybean futures for November delivery jumped 31 1/2¢ to $14.31 ½ a bushel overnight on the Chicago Board of Trade. Soymeal added $8.60 to $407.70 a short ton, while soybean oil futures rose 0.75¢ to 65.07¢ a pound.

Corn futures for December delivery were up 16 1/4¢ to $6.23 ½ a bushel.

Wheat for September delivery surged 17 1/4¢ to $7.97 a bushel while Kansas City futures gained 18 1/4¢ to $8.66 a bushel.

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2. Inspections of Beans and Wheat For Overseas Delivery Rise

Export inspections of soybeans and wheat rose week-to-week while corn assessments declined, according to data from the USDA.

Bean inspections in the seven days that ended on Aug. 4 jumped to 867,504 metric tons from 594,958 tons a week earlier, the agency said in a report.

That also was well above the 114,865 metric tons examined during the same week a year earlier.

Wheat assessments rose to 603,549 metric tons last week, up from 308,333 tons seven days earlier but down from the 653,969 tons inspected at the same point in 2021, the USDA said.

Corn inspections, meanwhile, dropped to 555,620 metric tons from 905,293 tons the previous week and 816,337 tons at the same time last year.

Since the start of the marketing year on Sept. 1, the government has inspected 52.5 million metric tons of U.S. corn for overseas delivery, down from 63.9 million tons during the same timeframe a year earlier, the agency said.

Soybean inspections since the beginning of September now stand at 54.5 million metric tons, down from 58.5 million tons during the same period last year.

Wheat assessments since the beginning of the grain's marketing year on June 1 are now at 3.5 million metric tons, trailing the 4.45 million tons inspected during the same period a year earlier, the USDA said in its report.

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3. Flood Watches and Warnings Issued in Parts of Missouri, Ohio

Flood watches and warnings are in effect for parts of southern Missouri today, according to the National Weather Service.

Thunderstorms produced heavy rain overnight including about 3 to 5 inches in some counties in south-central parts of the state, the NWS said in a report early this morning.

"Current radar imagery shows scattered showers and thunderstorms over far southwest Missouri and southeast Kansas this morning," the agency said. "Thunderstorm coverage is expected to increase throughout the day, primarily along and south of the I-44 corridor."

Most areas in southern Missouri will see little precipitation, but some counties will see 2 to 5 inches, the NWS said.

Flood watches also will take effect for much of southern Ohio starting at noon and lasting through tomorrow evening.

Several rounds of showers are expected along the Ohio River that will last through Wednesday afternoon as a storm system stalls over the region, the agency said.

"Excessive rainfall will become a concern and the treat of flash flooding will increase as showers and thunderstorms may pass repeatedly over the same areas," the NWS said.

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