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3 Big Things Today, June 14, 2022

Wheat Futures Fall Overnight; Weekly Corn Export Inspections Decline

1. Wheat Futures Fall in Overnight Trading

Wheat futures were lower in overnight trading amid improving conditions for winter varieties while harvest continues.

Thirty-one percent of the U.S. winter-wheat crop was in good or excellent condition as of Sunday, up from 30% a week earlier, the Department of Agriculture said in a report on Monday.

That's still below the 48% that earned top ratings at the same point last year, USDA data show.

Ten percent of the crop was harvested at the start of the week, up from 5% a week earlier, but trailing the prior five-year average of 12%, the agency said in its report.

The U.S. corn crop was 72% good or excellent at the start of the week, down from 73% a week earlier, but ahead of the 68% that earned top ratings at the same point in 2021.

Almost the entire crop was in the ground, and 88% has emerged, the USDA said.

Seventy percent of the U.S. soybean crop was in good or excellent condition as of Sunday — the crop's first conditions report for the year — up from 62% at the same point last year.

About 88% of the crop was planted as of Sunday, on par with the prior five-year average, and 70% was emerged, trailing the normal 74% for this time of year, the government said.

Extremely hot weather is expected in much of the eastern Midwest for at least the next two days, which may curb lofty crop conditions this week.

Wheat futures for July delivery fell 9 ¼¢ to $10.61 ¾ a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 6 1/4¢ to $11.55 ½ a bushel.

Corn futures declined 6 ½¢ to $7.62 ¾ a bushel.

Soybeans for July delivery rose 6 ¾¢ to $17.14 ¼ a bushel.

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2. Corn Export Inspections Decline Week-to-Week

Inspections of corn for overseas delivery dropped last week while soybean and wheat assessments improved, according to data from the Ag Department.

Corn inspections in the seven days that ended on June 9 were reported at 1.2 million metric tons, down from 1.46 million tons a week earlier, the agency said.

That's also well below the 1.61 million metric tons examined for export during the same week last year.

Soybean inspections last week totaled 605,129 metric tons, up from 365,455 tons assessed the previous week and well above the 141,320 tons inspected at the same point in 2021, the USDA said.

Wheat assessments also rose, reaching 388,847 metric tons last week versus 355,340 tons a week earlier.

The total was still well below the 499,945 tons examined during the same week last year, the agency said.

Since the start of the marketing year on Sept. 1, the USDA has inspected 45 million metric tons of corn for export. That's down from 54.2 million tons during the same timeframe a year earlier.

Soybean inspections since the beginning of September now stand at 50.5 million metric tons, down from 57 million tons examined during the same period last year, the government said.

Wheat inspections in the first full week of the 2022-2023 marketing year stood at 615,556 metric tons, down from 694,430 tons at the same point in 2021, the USDA said in its report.

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3. Extreme Heat Expected in Illinois, Indiana, and Ohio

Excessive heat warnings and heat advisories have been issued for much of the eastern Corn Belt today, according to maps from the National Weather Service.

Most of Illinois, Indiana, and Ohio will see excessive heat warnings today and tomorrow, the NWS said in a report early this morning.

Temperatures in much of Illinois will reach as high as 112 degrees Fahrenheit, the agency said.

"Extreme heat and humidity will significantly increase the potential for heat-related illnesses, particularly for those working or participating in outdoor activities," the NWS said.

In much of Indiana, temperatures also will reach as high as 112 degrees today.

Temperatures in Ohio will top out around 105 degrees this afternoon, with values staying extremely high through tomorrow, the NWS said.

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