3 Big Things Today, July 14, 2020

Wheat Futures Rise Overnight; Weekly Export Inspections of Corn, Beans Decline.

1. Wheat Futures Higher Overnight on Declining Crop Rating

Wheat futures were higher in overnight trading as the condition of the U.S. spring crop declined.

Spring wheat was rated 68% good or excellent as of Sunday, down from 70% a week earlier, the U.S. Department of Agriculture said in a report. That also was down from the 76% that earned top ratings at the same point last year.

In North Dakota, the biggest producer of spring wheat, 61% of the crop was in good or excellent condition, unchanged from the previous week, the USDA said.

In South Dakota, meanwhile, 59% of the crop earned top ratings, down from 68% the previous week.

Commodity Weather Group said in a report yesterday that parts of the U.S. northern Plains and southern Canadian Prairies are leaning toward a drier spell, but are in “very good shape currently” after recent showers in the area.

Soybeans also were higher as 68% of the crop was in good or excellent condition at the start of the week, down from 71% seven days earlier. About 11% of the crop was setting pods, about in line with the prior five-year average for this time of year.

About 69% of the corn crop earned top ratings last week, down from 71% a week earlier. About 29% was silking, up from 10% a week earlier, the USDA said.

Wheat futures for September delivery jumped 5¢ to $5.29¾ a bushel overnight on the Chicago Board of Trade while Kansas City futures added 5¾¢ to $4.54¾ a bushel.

Corn futures for December delivery gained 1¢ to $3.37½ a bushel.

Soybean futures for December delivery rose 3¾¢ to $8.79 a bushel. Soymeal added $1.10 to $292.80 a short ton and soy oil gained 0.16¢ to 28.86¢ a pound.

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2. Export Inspections of Corn and Soybeans Fall Week-to-Week, USDA Says

Inspections of corn and soybeans for offshore delivery declined week-to-week while wheat assessments improved, according to the USDA.

Corn inspections in the seven days that ended on July 9 were reported at 902,623 metric tons, down from 1.03 million tons the previous week, the agency said. The total is still higher than the 690,451 tons examined during the same week a year earlier.

Soybean assessments came in at 483,331 metric tons, down from 560,655 tons the previous week and 855,638 tons inspected at the same point in 2019.

Wheat inspections, meanwhile, jumped to 624,211 metric tons from 374,296 tons a week earlier, the USDA said. Last week’s total also was higher than the 348,918 tons assessed during the same week the previous year.

Since the start of the marketing year on Sept. 1, government officials have inspected 35.2 million metric tons of corn for offshore delivery. That’s well below the 43.2 million tons assessed during the same period a year earlier, the agency said.

Soybean inspections since the beginning of September now stand at 37.9 million metric tons, down slightly from the 38.7 million tons examined during the same time frame last year.

Wheat assessments since the start of the grain’s marketing year on June 1 are now at 3 million metric tons, up slightly from the 2.96 million tons inspected at this point in 2019, the USDA said.

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3. Southern Midwest Again Heating Up as Heat Indexes Pegged From 105°F. to 115°F.

Heat is again spreading in the southern Plains and southern Midwest as heat advisories extend from New Mexico east to the Gulf Coast and north into western Missouri.

Along the Kansas-Missouri border, including several counties on each side, heat index values are pegged at about 105°F. today, according to the National Weather Service.

The heat advisory in the area runs from noon to 8 p.m. Central time.

Those working outside are advised to take extra precautions including drinking plenty of fluids and reducing or rescheduling strenuous activity to the early morning or later-evening hours, the NWS said in a report early this morning.

In northern Louisiana, an excessive heat warning is in effect as the index is expected to top out around 115°F.

Farther north, scattered thunderstorms are forecast to bring heavy rain to eastern Iowa and northern Illinois this evening, the NWS said. Damaging winds and isolated flooding are possible.

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