3 Big Things Today, July 14
1. Grains, Beans Higher Overnight After Big Selloff on Thursday
Grains and soybeans were higher in overnight trading as bargain hunters jump into the market after yesterday’s big selloff.
Corn lost 15 cents, soybeans plunged 45 cents and wheat dropped 25 cents on improved weather forecasts and a bearish Department of Agriculture report on Wednesday.
Still, the weather is extremely dry in the northern Plains. Little to no rain has fallen in much of North Dakota and South Dakota in the past 30 days, leaving spring wheat, corn and soybeans all needing moisture.
In parts of the northern and eastern Midwest, excessive rainfall has left some fields flooded.
Corn for December delivery rose 5 ¼ cents to $3.88 ¼ a bushel overnight on the Chicago Board of Trade.
Wheat for September delivery added 5 cents to $5.16 ¾ a bushel and Kansas City futures gained 4 cents to $5.19 a bushel.
Soybeans for November delivery rose 8 ½ cents to $9.96 a bushel overnight. Soymeal gained $4 to $329.10 a short ton and soy oil futures added 0.03 cent to 33.53 cents a pound.
2. Overseas Soybean Sales Down Week-to-Week, Corn Mixed
Soybean sales declined week over week while corn was mixed, according to the U.S. Department of Agriculture.
Soybean sales in the week that ended on July 6 totaled 228,000 metric tons, down 38% from the prior week and 19% from the four-week average.
Egypt was the biggest buyer at 90,400 tons, followed closely by Indonesia at 86,000 tons, the USDA said. The Netherlands bought 70,5000 tons, China took 67,100 tons and South Korea purchased 25,300 tons. The total would’ve been more impressive but unknown buyers canceled cargoes of 154,000 tons and Mexico nixed a shipment of 28,400 tons.
For the 2017-2018 marketing year that starts on Sept. 1, sales totaled 455,000 tons. Pakistan bought 195,000 tons, China was in for 129,000 tons and Mexico bought 111,000 tons, the government said.
Old-crop corn sales were reported at 161,000 tons, up 15% from the prior week but down 59% from the four-week average, according to the USDA.
Japan was the big buyer at 112,200 metric tons, Spain bought 94,500 tons, Mexico purchased 87,700 tons, Saudi Arabia took 49,700 tons and Peru was in for 35,700 tons. Unknown buyers canceled shipments of 321,400 tons.
For 2017-2018, net sales came in at 279,700 tons as Mexico bought 269,200 tons.
Wheat sales for the marketing year that started on June 1 totaled 357,700 tons for the week. Japan was the big buyer at 111,700 tons, the Philippines took 59,100 tons and Malaysia was in for 56,000 tons. Nigeria bought 49,900 tons, Mexico took 31,100 tons and Venezuela purchased 30,000.
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3. Weather Maps Quieter as Heat Wave, Excessive Rainfall Abate Into Weekend
The weather maps look generally better as a heat wave that had been hanging around has moved out and a storm that brought incessant rainfall to the eastern Midwest has mostly dissipated.
Flooding is still a concern in parts of southern Wisconsin, Indiana, southern Michigan and much of Ohio, according to the National Weather Service.
Much of southern Wisconsin has been under water the past few days and excessive rain in the eastern Midwest has left rivers overflowing their banks.
While no more rain is expected to fall today in either area, flooding will continue until water levels in rivers and tributaries recede.
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