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3 Big Things Today, July 31

Grains, Soybeans Higher Overnight; Export Inspections For Corn, Beans Rise Week to Week.

1. Corn, Soybeans Higher After Crop Ratings Drop in Key States

Corn and soybeans were again higher overnight after the USDA showed crop conditions declined in several key Corn Belt states.

The corn crop was rated 72% good or excellent as of Sunday, unchanged for the week. About 70% of soybeans earned top ratings, also on par with the prior week, the USDA said.

In Illinois, however, the corn crop was rated 80% good to excellent, down from 82% seven days earlier, and 75% of the state’s soybean crop had top ratings, down from 78% a week earlier. While those are still pretty lofty figures, the declines were unexpected.

In Missouri, where it was dry for much of the growing season, 33% of the corn crop earned top ratings, down from 35% a week earlier. Soybeans were 40% good or excellent, dropping from 48% last week, the USDA said.  

Corn futures for December delivery rose 2¾¢ to $3.84 a bushel overnight on the Chicago Board of Trade.

Soybean futures for November delivery gained 5¾¢ to $8.96¾ a bushel overnight. Soy meal added $1.30 to $335 a short ton, and soy oil gained 0.19¢ to 29.04¢ a pound.

Wheat for September delivery a bushel added 1½¢ to $5.48 a bushel in Chicago, while Kansas City futures rose 1¼¢ to $5.49 a bushel.

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2. Export Inspections of Corn, Beans Rise Week to Week, Wheat Lower

The USDA increased its inspections of both corn and soybeans for export delivery in the week that ended on July 26.

Corn inspections last week totaled 1.66 million metric tons of the grain, up from 1.33 million a week earlier, the USDA said in a report. Assessments of soybeans by inspectors also rose to 740,323 metric tons vs. 728,139 tons seven days earlier, according to the government.

Wheat inspections, meanwhile, totaled 379,149 metric tons. That’s down from 429,297 tons that were assessed the prior week.

All three major crops trail their year-ago levels, however. Corn inspections since the start of the marketing year on September 1 totaled 51.5 million metric tons, down from 52.8 million during the same time frame a year earlier.

Soybean inspections in the 2017-2018 marketing year (that has just over a month to go) last week were at 52.4 million tons, down from 54.5 million last year, the USDA said.

Wheat assessments since the start of the grain’s marketing year on June 1 are at 3.03 million metric tons, down from 5.03 million tons during the same period in 2017, according to the government.

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3. Storms Expected in Parts of Missouri, Northern Indiana, Southern Michigan

Thunderstorms are possible in parts of central and eastern Missouri and west-central and southwestern Illinois today, according to the National Weather Service.

The storms aren’t expected to be severe, but will be long lasting as another round is forecast for Thursday, Saturday, and Sunday for much of the region, the NWS said in a report early Tuesday morning.

The rains in the area will be welcome, as little or no precipitation has fallen in Missouri in the past 30 days, according to the agency.

Farther east, thunderstorms are possible on Tuesday in much of northern Indiana and southern Michigan.

“Isolated thunderstorms are possible today into tonight,” the NWS said in a report. “There is a low chance for afternoon thunderstorms Wednesday. Strong to severe thunderstorms are not expected at this time.”

 

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