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3 Big Things Today, July 26, 2022

Soybeans, Grains Surge Overnight; Weekly Export Inspections of Corn, Beans Fall

1. Soybeans and Grains Rise in Overnight Trading

Soybeans and grains were higher in overnight trading after a government report showed crop conditions declined.

About 59% of the U.S. soybean crop was in good or excellent condition as of Sunday, down from 61% a week earlier, the Department of Agriculture said in a report.

Twenty-six percent of the crop was setting pods, up from 14% a week earlier but behind the prior five-year average of 34%, the USDA said. Some 64% was blooming, up from 48% the previous week and the average of 69%.

Around 61% of U.S. corn earned top ratings at the start of the week, down from 64% the previous week, the government said.

Thirteen percent of the crop was in the dough stage, up from 6% a week earlier but down from the normal 15% for this time of the year. Sixty-two percent was silking, up from 37% week-to-week but down from the average of 70%.

Spring-wheat conditions also declined, falling to 68% good or excellent from 71%, the USDA said. At this point last year, only 9% had earned top ratings. About 86% of the crop was headed as of Sunday, up from 68% a week earlier but behind the normal pace of 96%.

Extremely hot and dry weather has persisted over much of the U.S. Corn Belt in the past couple weeks.

Little or no rain fell in much of North Dakota, South Dakota, southern Minnesota, Iowa, Nebraska, Kansas and Oklahoma in the past two weeks, according to data from the National Weather Service precipitation page.

Also boosting prices are ongoing concerns about whether Ukraine grain will make it out of the war-torn country as Russia continues attacks.

A deal was brokered last week that would allow Ukrainian wheat and corn, among other agricultural products, out of the country, but Russia attacked the port city of Odesa over the weekend, putting into question the agreement.

Still, grains are set to begin flowing from Ukrainian ports this week despite the attack on the port city.

Russian energy company Gazprom said it will cut gas flows to Germany by half to 33 million cubic meters per day, according to media reports.

Soybean futures for November delivery jumped 20¢ to $13.66 a bushel overnight on the Chicago Board of Trade. Soymeal gained $4.40 to $403.50 a short ton, while soybean oil futures added 0.88¢ to 58.43¢ a pound.

Corn futures for December delivery were up 13 1/4¢ to $5.97 a bushel.

Wheat for September delivery surged 16¢ to $7.86 a bushel while Kansas City futures added 14 1/4¢ to $8.54 a bushel.

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2. Export Inspections of Corn and Beans Fall Week-to-Week

Inspections of corn and beans for offshore delivery fell week-to-week while wheat assessments increased, according to the USDA.

Corn inspections in the seven days that ended on July 21 declined to 724,214 metric tons from 1.07 million tons a week earlier, the agency said in a report.

That's also down from the 1.25 million tons assessed during the same week last year.

Soybean inspections were down to 388,212 metric tons from 436,829 tons the previous week, but that was above the 242,239 tons examined at the same point in 2021, the government said.

Wheat assessments last week were reported at 475,426 metric tons, up from 191,333 tons a week earlier. The total, however, was down from the 515,214 tons inspected during the same week a year earlier.

Since the start of the marketing year on Sept. 1, the USDA has inspected 51 million metric tons of corn for overseas delivery.

That's down from the 61.6 million tons examined during the same timeframe a year earlier, the agency said.

Soybean inspections since the beginning of September now stand at 53 million metric tons, down from 58.2 million tons at the same point last year.

Wheat inspections since the start of the grain's marketing year on June 1 are now at 2.59 million metric tons, down from 3.39 million tons during the same period last year, the USDA said in its report.


3. Extreme Heat Persists in Southern Midwest

Extreme heat continues in parts of southeastern Kansas, southern Missouri and much of Oklahoma and Arkansas this afternoon, according to maps from the National Weather Service.

In northeastern Oklahoma, temperatures are forecast from 105 to 108 degrees Fahrenheit with heat indexes of up to 112 degrees expected, the NWS said.

In southern Missouri, heat indexes are forecast to hit 108 degrees today.

"Take extra precautions if you work or spend time outside," the NWS said.

Further north and east in central Illinois, rain and thunderstorms are rolling through the area, causing flooding in some counties.

Flash-flood warnings are in effect for several counties in south-central Illinois into southern Indiana this morning as rainfall rates of up to 2 inches an hour are falling, the agency said.

Another 1 to 3 inches are possible in the area, worsening the flooding, the NWS said. 

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