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3 Big Things Today, June 1, 2022

Wheat Futures Rise Overnight; Weekly Export Inspections of Corn Lower

1. Wheat Futures Higher in Overnight Trading

Wheat futures turned higher in overnight trading amid ongoing concerns about global supplies, while corn and soybeans were mixed as U.S. farmers have caught up with the normal pace of planting after being behind for most of the year.

Dry weather is expected for the remainder of the week in parts of the southern Plains, according to data from the National Weather Service.

After a brief respite of rain that helped improve crop ratings, little to no precipitation has fallen in much of the Oklahoma and Texas panhandles in the past week, NWS maps show.

The U.S. winter wheat crop was rated 29% good or excellent as of Sunday, up from 28% a week earlier, the Department of Agriculture said in a weekly report yesterday. Still, at this point last year, 48% earned top ratings.

About 72% of the crop was headed, behind the prior five-year average of 76%, the USDA said.

In Ukraine, meanwhile, officials are attempting to ship grain from ports that have been seized or are under threat from Russian forces using a naval operation led by the United Nations, according to Ukraine Foreign Minister Dmytro Kuleba.

About 22 million metric tons of grain is being held in Ukraine due to the ongoing Russian attacks and blockades, Ukraine officials have said.

Russia has denied that it's blocking grain exports, though President Vladimir Putin said earlier this week he'd be willing to allows shipments to flow out of Ukrainian ports.

Ukraine wheat has been stuck in storage in the country since the attacks started back in February, which has exacerbated a global food crisis.

Back in the U.S., growers have caught up with the normal pace of planting as 86% of the corn crop was in the ground at the start of the week versus the prior five-year average of 87%, the agency said.

Sixty-one percent of the crop had emerged, behind the normal pace of 68% for this time of year.

About 66% of soybeans were planted as of Sunday, just behind the average of 67%, the USDA said. Some 39% of the crop had emerged from the ground, which compares with the average of 43%.

Spring-wheat producers are still well behind the normal pace of planting with only 73% of the crop in the ground versus the normal 92%, the government said in its report.

About 42% of the crop has emerged, well behind the prior five-year average of 92%.

Wheat futures for July delivery rose 4 1/2¢ to $10.92 a bushel overnight on the Chicago Board of Trade, while Kansas City futures gained 8¢ to $11.73 ½ a bushel.

Corn futures fell 1 1/2¢ to $7.52 a bushel.

Soybeans for July delivery gained 4¢ to $16.87 ¼ a bushel in overnight trading.

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2. Weekly Corn and Soybean Export Inspections Decline

Inspections of U.S. corn and beans for export declined week-to-week while wheat assessments improved, according to data from the Ag Department.

Corn inspections in the seven days that ended on May 26 totaled 1.39 million metric tons, the USDA said.

That's down from 1.75 million tons a week earlier and well below the 2.1 million tons examined during the same week last year.

Soybean assessments last week were reported at 378,262 metric tons, down from 581,067 a week earlier, but up from the 205,108 tons inspected at the same point a year earlier, the agency said.

Wheat inspections, meanwhile, came in at 343,927 metric tons, up from 275,541 tons the previous week and 317,278 tons at the same time in 2021, the government said.

Since the start of the marketing year on Sept. 1, the USDA has inspected 42.3 million metric tons of corn for offshore delivery, down from 51.2 million tons during the same timeframe a year earlier.

Soybean assessments since the beginning of September now stand at 49.5 million metric tons, down from 56.7 million tons in the same period last year, the agency said.

Wheat inspections since the start of the grain's marketing year on June 1 totaled 20 million metric tons, down from 25.3 million tons a year earlier, the USDA said in its report.

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3. Flash Floods Expected in Parts of Central Missouri Wednesday

Flash flood warnings remain in effect this morning in parts of central Missouri where excessive rain has fallen, according to the National Weather Service.

From 2 to 5 inches of rain have already fallen in the affected area, leading to excessive runoff, the NWS said in a report early this morning.

Another 1.5 to 3 inches of precipitation are possible in region.

Looking ahead, flooding is likely in parts of southeastern Kansas and north-central Oklahoma starting tomorrow and lasting through Saturday, the agency said.

The Neosho River near Commerce, Oklahoma, was at 8.1 feet overnight but will rise rapidly to 16 feet, the NWS said. Flood stage is 15 feet. Some minor agricultural flooding likely will occur.

In northern Illinois and Indiana, meanwhile, some isolated thunderstorms are expected to roll through this morning and again tonight, the NWS said.

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