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3 Big Things Today, July 21

Corn, Bean Futures Lower Overnight; Export Sales for All Three Crops Jump Weekly.

1. Corn, Bean Futures Lower Overnight on Midwest Rain, Profit-Taking

Corn and beans were lower overnight as some rain will aid crops in much of the northern Midwest next week and on profit-taking after prices rose yesterday.

Rainfall in the Midwest will aid corn and soybean filling in all but the southwest quarter of the Corn Belt, according to Commodity Weather Group. Still, the hot weather will continue through tomorrow.

Storms are expected in parts of Minnesota, northern Iowa, Wisconsin, and parts of Indiana and Ohio where, in some spots, too much rain has already fallen. The precipitation, however, will give crops in some areas a boost, CWG said.

Prices also may be falling, as investors take profits after prices rose, not wanting to go into the weekend too long in case of widespread rain.

Corn for December delivery fell 6¢ to $3.98¾ a bushel overnight on the Chicago Board of Trade.

Soybeans for November delivery declined 8¢ to $10.19 a bushel overnight. Soy meal lost $2.40 to $335.70 a short ton, and soy oil futures fell 0.22¢ to 34.23¢ a pound.

Wheat for September delivery gained ¼¢ to $5.06 a bushel overnight, and Kansas City futures rose ¼¢ to $5.04 a bushel.

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2. Export Sales of Corn, Soybeans, Wheat All Jump in Week Through July 13

Export sales for corn, soybeans, and wheat all jumped in the seven days that ended on July 13, according to the USDA.

Corn sales for the 2016-2017 marketing year were reported at 466,500 metric tons, up “noticeably” from the prior week and 63% from the previous four-week average, the USDA said.

Japan was the biggest buyer, taking 263,100 metric tons, followed by Mexico, which bought 209,000 tons. Peru took 52,900 tons, Colombia bought 29,100 tons, and Venezuela purchased 23,500 tons.

For 2017-2018, sales totaled 212,100 tons as Mexico bought 64,000 tons, unknown buyers were in for 50,800 tons, and Colombia took 48,000 tons.

Old-crop soybean sales came in at 409,600 tons, up 80% from the previous week and 61% from the average, the USDA said.

Unknown buyers took 123,000 tons, Mexico bought 81,100 tons, China was in for 71,800 tons, Japan purchased 69,700 tons, and Indonesia took 62,300 tons. Spain canceled a purchase for 70,000 tons of U.S. soybeans.

Sales of new-crop beans totaled 1.523 million tons, including a purchase of 1.3 million by China. Unknown buyers bought 76,000 tons, Costa Rica took 72,000 tons, and Mexico was in for 25,800 tons, according to the USDA.

Wheat sales for the marketing year that started on June 1 were reported at 669,500 tons, up 87% from the previous week and 52% from the prior four-week average. The Philippines bought 164,00 tons, South Korea purchased 88,000 tons, Mexico was in for 88,000 tons, Venezuela bought 75,000 tons, Nigeria took 60,100 tons, and Taiwan took 50,200 tons. An unknown buyer canceled a purchase of 52,200 tons of U.S. wheat, according to the USDA.

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3. Several Rounds of Storms Move Through Northern Plains as Midwest Heat Wave Persists

Several rounds of thunderstorms, some severe, will likely make their way through the upper Midwest to the Great Lakes today.

The biggest threats are damaging winds, large hail, and flooding, according to the National Weather Service.

While it’s raining in the north, the central U.S. is still facing extreme heat warnings and heat advisories. The area under the extreme heat warnings hasn’t changed much, encompassing the eastern half of Kansas, the northern two thirds of Missouri, and several counties in Nebraska, Iowa, and Illinois.

The area under heat advisories, however, extends from northern South Dakota south into eastern Texas and all the way into Ohio.  

Temperatures will be in the 90s with the highest heat indexes topping out at 115˚F, making any work outside extremely dangerous.

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