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3 Big Things Today, July 27

Corn, Beans Higher Overnight; Weekly Ethanol Production, Stockpiles Lower.

1. Grains, Beans Higher Overnight on Adverse U.S. Weather

Grains and beans were higher overnight as adverse weather spreads throughout the Midwest.

Heat advisories and flood warnings abound in much of the region. Excessive rainfall along the Kansas-Missouri border just south of Kansas City has caused streams, roadways, farm fields, and even city streets to flood.

Excessive precipitation is also causing flooding in the eastern Midwest in parts of Illinois and Indiana, where incessant rain has caused rivers and tributaries to breach their banks in several places in both states, according to the National Weather Service.

Meanwhile, extremely hot weather has moved south into the Delta. Heat advisories have been issued for parts of seven states including Oklahoma and Arkansas. Temperatures may reach triple digits with indexes topping out at 109˚F.  

Corn for December delivery rose 2¾¢ to $3.88¾ a bushel overnight on the Chicago Board of Trade.

Soybeans for November delivery rose 6¼¢ to $10.06½ a bushel overnight. Soy meal gained $1.80 to $328.30 a short ton, and soy oil futures added 0.30¢ to 34.51¢ a pound.

Wheat for September delivery added 4¢ to $4.81¾ a bushel overnight, and Kansas City futures gained 4¼¢ to $4.79¾ a bushel.


2. Ethanol Production, Stockpiles Decline Weekly; Allendale’s Corn Outlook Below USDA

Ethanol production and stockpiles in the U.S. both declined week to week, according to the Energy Information Administration.

Output in the seven days through July 21 totaled 1.012 million barrels a day, on average, down from 1.026 billion a week earlier, the EIA said in a report. Weekly production totals have fluctuated since mid-June.

Inventories were reported by the government at 21.529 million barrels last week, down from 22.137 million seven days earlier. Stockpiles have also been up and down since June.

In other news, Allendale pegged corn yields for the current crop at 163.3 bushels an acre, well below the USDA’s July forecast for 170.7 bushels an acre. Stockpiles were seen by Allendale at 1.927 billion bushels, also down from USDA projections for 2.325 billion.

Allendale said the stocks-to-use number would come in at 13.6% vs. the government’s outlook for 16.2%.

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3. Heat in South, Floods in North on Weather Maps Thursday

It’s going to be hot in the southern Midwest and Delta today, while northern states deal with flooding.

Heat advisories have been issued for parts of Oklahoma, Missouri, Arkansas, Tennessee, Mississippi, Louisiana, and Texas, the National Weather Service said in a report early Thursday.

Temperatures will reach the triple digits in some areas and heat indexes will stretch near 110˚F. in some spots.

Farther north, flooding is a big problem today in western Missouri and in much of Illinois. Excessive rain in both areas have caused rivers and streams to breach their banks and have led to road and field flooding, according to the NWS.

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