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3 Big Things Today, June 2, 2021

Soybeans Higher in Overnight Trading; Weekly Export Inspections of Corn Surge.

1. Soybean Futures Rise in Overnight Trading

Soybeans were higher in overnight trading on reports that dry weather will persist in parts of the northern Plains where drought has already taken a strong foothold.

Crops in the Dakotas and parts of Nebraska, Iowa, Wisconsin, and Illinois are at risk of dry weather, according to Commodity Weather Group.

Stress also is expected to rebuild in more than a third of spring-wheat growing areas as temperatures jump into the 90s (°F.) this week, CWG said. Rains in the next two weeks will be limited in the northern Plains where spring wheat is produced, the forecaster said.

About 17.7% of North Dakota is suffering from “exceptional drought,” the most severe category possible, according to the U.S. Drought Monitor. That’s up from 16.7% a week earlier; 99% of the state, the biggest U.S. producer of spring wheat, was seeing some sort of drought as of May 25, the Drought Monitor said.

Little or no rain has fallen in much of northern North Dakota and northern Minnesota in the past seven days, according to the National Weather Service.

Little precipitation has fallen in parts of central South Dakota in the past week, the NWS said in a report.

The southern Plains is a different story.

More than six times the normal amount of precipitation has fallen in much of Kansas, Oklahoma, Texas, and Arkansas in the past week.

About 84% of the U.S. soybean crop was planted as of Sunday, up from the prior five-year average of 67%, the Department of Agriculture said in a report; 62% of the crop had emerged, up from the average of 42% for this time of year, the USDA said.

Corn was 95% planted at the start of the week, up from the normal 87%. Around 81% of the crop had emerged vs. the average of 70%.

Some 76% of U.S. corn was in good or excellent condition, up from 74% at this point last year, the agency said in its report.

The spring wheat crop in the northern Plains is almost completely planted, and 80% had emerged as of Sunday, up from the 73% average. Only 43% of the crop was rated good or excellent, down from 45% a week earlier, the USDA said. At this point last year, 80% had earned top ratings.

Soybean futures for July delivery added 7¾¢ to $15.56¼ a bushel overnight on the Chicago Board of Trade. Soymeal gained 70¢ to $399.40 a short ton, while soy oil rose 1.12¢ to 68.51¢ a pound.

Corn futures for July delivery fell ¾¢ to $6.88 a bushel.

Wheat futures for July delivery rose 4¾¢ to $6.98¼ a bushel overnight, while Kansas City futures gained 6¢ to $6.43½ a bushel.

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2. Export Inspections of Corn Surge Week-to-Week

Inspections of corn for overseas delivery jumped week-to-week while bean and wheat assessments declined, according to the USDA.

Corn inspections in the seven days that ended on May 27 totaled 2.05 million metric tons, the agency said in a report.

That’s up from 1.75 million tons examined the previous week and 1.19 million tons assessed during the same week in 2020.

Soybean inspections last week fell to 192,221 metric tons from 222,107 tons the previous week. The USDA said it examined 451,878 metric tons of soybeans for offshore delivery during the same week last year.

Wheat assessments were reported at 256,496 metric tons last week, down from 598,941 tons the previous week.

The government examined 555,500 metric tons for offshore delivery in the same week last year.

Since the start of the marketing year on Sept. 1, USDA officials have inspected 50.9 million metric tons of corn for overseas delivery.

That’s up from 28.7 million tons during the same time frame a year earlier.

Soybean assessments since the beginning of September are now at 56.4 million metric tons, up from 35.5 million tons during the same period last year, the agency said.

Wheat inspections since the start of the grain’s marketing year on June 1 now stand at 25.2 million metric tons, just ahead of the 25 million tons examined at this point in 2020, the USDA said in its report.

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3. Thunderstorms Firing in Parts of Texas Panhandle Wednesday

Thunderstorms are possible into tonight in much of the Texas panhandle, some of which may become severe, according to the National Weather service.

Large hail and damaging winds are the main risk factors, the NWS said in a report early this morning.

In eastern Colorado, locally heavy rain, small hail, and wind gusts of up to 50 mph are in the forecast.

“Although the stronger storms are expected to be more isolated today, flash flooding on the more recent burn scars will be possible if a stronger storm directly impacts these areas,” the agency said.   

Farther north, isolated thunderstorms are expected in the western half of Michigan this afternoon.

Severe weather is not expected, though storms are possible the rest of the week, the NWS said.

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