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3 Big Things Today, July 17
1. Soybeans, Corn Higher Overnight After Crop Ratings Fall
Soybeans and corn were higher overnight after crop ratings declined in the seven days that ended on Sunday.
The U.S. soybean crop was rated 69% good or excellent, down from 71% a week earlier, the USDA said in a report. That’s still up from 61% during the same week in 2017.
About 65% of the crop was blooming, well ahead of the prior five-year average of 45% for this time of year, and 26% was setting pods, up from the average of 11%, according to the USDA.
Corn was rated 72% good or excellent, down from the prior week when 75% of the crop earned top ratings. A year ago, 64% of the U.S. corn crop was rated good or excellent.
Wheat futures also rose overnight.
Some 74% of the winter crop in the U.S. was harvested, ahead of the five-year average of 71% for this time of year. Spring wheat, meanwhile, was 80% good or excellent, unchanged from seven days earlier, but up from 34% during the same week last year.
Soybean futures for November delivery rose 4¼¢ to $8.50 a bushel overnight on the Chicago Board of Trade. Soy meal added $1.50 to $329 a short ton, and soy oil gained 0.02¢ to 28.11¢ a pound.
Corn future for December delivery added 3¼¢ to $3.58½ a bushel overnight.
Wheat for September delivery rose 5¾¢ to $4.94¼ a bushel, while Kansas City futures gained 6¾¢ to $4.91¼ a bushel.
2. Export Inspections of Corn, Soybeans For Overseas Delivery Decline Week to Week
Export inspections of corn and soybeans for delivery to overseas buyers were lower week to week, while wheat assessments were higher.
Inspections of corn in the week that ended on July 12 totaled 1.22 million metric tons, according to the USDA. That’s down from 1.47 million seven days earlier, but still up from 1.12 million during the same week last year.
Soybean assessments fell to 635,429 metric tons from 668,014 tons a week earlier, the USDA said. Still, that’s more than double the 299,639 inspected during the same time frame in 2017.
Wheat was the big gainer, as inspections totaled 469,523 metric tons last week, up from 268,221 tons seven days earlier, according to the government. The total lags the year-ago week when the USDA inspected 594,705 tons of wheat for overseas delivery.
With only about six weeks left in the 2017-2018 marketing year for corn and soybeans, inspections of both commodities lag the year-ago pace.
Since the start of the marketing year on September 1, the USDA has inspected 48.4 million metric tons of corn for overseas delivery. That’s behind the year-earlier pace of 50.8 million tons.
Soybean inspections so far this marketing year are at 51 million metric tons, trailing the year earlier when assessments were at 53.3 million tons, according to the USDA.
Wheat inspections since the start of the marketing year on June 1 are at 2.22 million metric tons, well behind the 3.94 million tons that had been inspected during the same time frame a year earlier.
3. Heat Indexes Again Dangerously High in Oklahoma, Parts of Arkansas
Temperatures in eastern Oklahoma will reach triple digits again today, pushing the heat index to dangerous levels.
A heat advisory has been issued for much of the eastern half of the state where temperatures are likely to reach 100˚F., according to the National Weather Service.
The heat index is forecast to hit as high as 109˚F. this afternoon for a second straight day, the NWS said in a report early Tuesday morning. The heat advisory will be in effect from noon to 8 p.m. local time, the agency said.
“The combination of hot temperatures and high humidity will combine to create a dangerous situation in which heat illnesses are possible,” the NWS said.
Farther east, a heat advisory has been issued in parts of eastern Arkansas where temperatures will reach the mid-90s, pushing the heat index to about 105˚F.. Some relief may come as the agency gives the are a 40% chance of rain this morning.