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3 Big Things Today, July 3, 2020
1. Grain and Soybean Markets Closed For Independence Day
Grain markets are closed Friday for the Independence Day holiday.**
2. Old-Crop Soybean Sales For Export Hit Marketing-Year Low
Export sales of old-crop soybeans hit a marketing-year low last week while corn sales also declined, according to the U.S. Department of Agriculture.
Soybean sales for delivery in the crop year that ends on Aug. 31 were reported at 241,700 metric tons, down 60% from the previous week and 63% from the prior four-week average, the USDA said in a report.
Egypt was the big buyer at only 81,000 metric tons, Mexico took 45,500 tons, Indonesia was in for 35,300 tons, Tunisia bought 30,000 tons and Taiwan purchased 26,200 tons.
For the 2020-2021 marketing year, sales totaled 841,700 metric tons.
China took 594,000 tons, an unnamed country bought 176,000 tons, Costa Rica was in for 25,900 tons, Taiwan bought 19,500 tons and Mexico purchased 11,200 tons, the USDA said.
Corn sales for delivery in the 2019-2020 marketing year declined 22% week-to-week and 32% from the average, the agency said.
Japan bought 240,100 metric tons, Mexico took 168,300 tons, Colombia purchased 75,100 tons, Peru was in for 41,700 tons and Tunisia took 31,000 tons.
Sales for delivery after the new marketing year starts on Sept. 1 were reported at 262,700 metric tons. An unknown customer bought 109,900 metric tons, Japan was in for 100,500 tons, Mexico purchased 22,400 tons and Taiwan took 13,500 tons, government data show.
Wheat sales for delivery in the 2020-2021 marketing year that started on June 1 totaled 414,300 metric tons, down from 518,700 tons the previous week.
Taiwan was the big buyer at 89,300 metric tons, Yemen bought 80,000 tons, Japan purchased 55,000 tons, Nigeria was in for 52,800 tons and Mexico took 40,200 tons. The total would’ve been higher but an unknown country canceled cargoes for 27,500 tons, the USDA said.
3. Rain Expected in Parts of Northern Plains and Nebraska Into the Weekend
Rainfall is expected this morning in parts of North Dakota, according to the National Weather Service, where spring wheat is maturing.
Some of the thunderstorms may produce quarter-sized hail, while storms forecast for this evening may include golf-ball sized hail and wind gusts of up to 70 miles an hour, the NWS said in a report early this morning.
The storms will continue through the weekend.
“Numerous thunderstorms are forecast across western and central North Dakota Saturday and Sunday,” the agency said. “Heavy rain is possible with any storm, especially across central parts of the state. Severe weather is also possible.”
Further south, storms are moving across northeastern Nebraska into western Iowa this morning but are expected to dissipate early.
Still, there’s a chance of thunderstorms through the weekend, though they’re not expected to be widespread.
In eastern Oklahoma, southeastern Kansas, southwestern Missouri and western Arkansas, temperatures will again be in the triple digits, but there’s a 40% to 50% change of thunderstorms today, which could give the area a much-needed drink of water.