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3 Big Things Today, July 1, 2022

Soybeans Lower in Overnight Trading; Corn, Bean Sales Hit Marketing-Year Lows

1. Soybean Futures Fall in Overnight Trading

Soybean futures were lower in overnight trading after a government report yesterday showed U.S. farmers planted fewer acres with the oilseeds than previously expected.

U.S. producers likely planted 88.3 million acres with soybeans, which was up 1% from last year but well below the 91 million acres forecast in the Department of Agriculture's March 31 prospective plantings report.

Area harvested is forecast at 87.5 million acres, up from 86.3 million a year earlier.

Corn acres, meanwhile, were estimated at 89.9 million acres, down 4% year-over-year but just ahead of the 89.5 million acres projected in the March 31 report.

Acreage is expected to be down or unchanged in 35 of the 48 states in the survey, the USDA said.

Wheat plantings were forecast at 47.1 million acres, up 1% year-over-year, the agency said. That would be the fifth-lowest acreage planted with the grain since record-keeping started in 1919. The government said at the end of March it expected area at 47.4 million acres.

Winter-wheat plantings are seen at 34 million acres, and spring wheat area was expected at about 11.1 million acres. Those estimates are down from projections on March 31 for 34.2 million and 11.2 million acres, respectively.

Soybean futures for November delivery fell 9 3/4¢ to $14.48 ½ a bushel overnight on the Chicago Board of Trade. Soymeal lost 50¢ to $406.20 a short ton, while soybean oil futures dropped 0.91¢ to 63.55¢ a pound.

Corn futures for December delivery were up 3 3/4¢ to $6.23 ½ a bushel.

Wheat for September delivery added 6 3/4¢ to $8.90 ¾ a bushel while Kansas City futures rose 2 3/4¢ to $9.54 ½ a bushel.

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2. Corn and Bean Export Sales Both Drop to Marketing-Year Lows

Export sales of corn and beans both dropped to marketing-year lows last week while wheat sales were modestly higher, according to data from the USDA.

Corn sales in the seven days that ended on June 23 were reported at 88,800 metric tons, the lowest since the 2021-2022 marketing year started on Sept. 1, the agency said in a report.

That's down 87% from the previous week and 72% from the prior four-week average.

Japan was the big buyer at 191,900 metric tons, followed by South Korea at 68,600 tons and Saudi Arabia at 30,000 tons. Colombia bought 16,900 tons of U.S. corn and El Salvador purchased 15,000 tons, the USDA said.

The total would've been higher but an unnamed country canceled cargoes of 143,5000 ton, Taiwan nixed 61,100 tons, Mexico canceled 33,200 tons and Panama cut an order for 22,900 tons.

Sales for the 2022-2023 marketing year that starts on Sept. 1 totaled 119,300 metric tons, and exports for the week rose 9% to 1.25 million metric tons.

Soybean sales came in at a negative-120,200 metric tons, also the lowest for the marketing year, versus sales of 29,300 tons a week earlier, the USDA said.

The Netherlands took 149,000 metric tons, Japan was in for 49,000 tons, Canada purchased 19,800 tons, Costa Rica bought 16,800 tons and China was in for 16,400 tons.

The purchases, however, were more than offset by cancelations of 288,400 metric tons by an unknown country, 55,000 tons by Pakistan and 46,000 tons by Italy, the agency said.

For the 2022-2023 marketing year, sales were reported at 127,600 tons, and exports for the week were up 5% to 517,700 tons, government data show.

Wheat sales last week came in at 496,700 metric tons, up from 477,800 tons in the prior seven-day period, the Ag Department said.

The Philippines purchased 68,000 metric tons, Brazil took 57,500 tons, Mexico bought 55,000 tons, Yemen was in for 55,000 tons and Italy took 48,000 tons.

Exports of the grain for the week came in at 241,400 metric tons, the USDA said in its report.

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3. Hot Weather Expected in Oklahoma Along With Showers

Heat indexes are forecast to hit the triple digits in parts of eastern Oklahoma and western Arkansas today, though there's a chance of showers in the area this weekend, according to the National Weather Service.

"There's the potential for isolated to scattered showers and storms Saturday and Sunday as moisture moves into portions of the area form the Gulf of Mexico and a frontal boundary stalls near the Kansas-Oklahoma border," the NWS said in a report early this morning.

Heat will again rise next week, topping 105 degrees midweek, the agency said.

In the southern half of Iowa, meanwhile, scattered storms are expected today, though there's little threat of severe weather.

Storms will continue through the weekend periodically with the best chance for storms in the area late Sunday into the July 4th holiday on Monday, the NWS said.

Further east in northern Indiana and southern Michigan, there's a "marginal risk" today for strong storms with the main threat being damaging winds and lightning, the agency said.

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