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3 Big Things Today, June 24, 2022

Wheat, Corn Futures Rise Overnight; IGC Raises Grain-Production Outlook

1. Wheat, Corn Futures Surge Overnight

Wheat and corn futures jumped in overnight trading on concerns that grain shipments from the Ukraine are not coming to the global market.

A missile strike on a Ukrainian port in Mykolaiv by Russian forces has led to concern that exports from grain terminals in Ukraine won't be coming, at least not anytime soon.

Officials from several countries including Ukraine and Russia have been in talks to find ways to get grain out of Ukraine even as the Russians continue their attacks.

So far, no concrete agreements have been made despite optimism that a solution could be found.

Ukraine is a major exporter of wheat and corn. Slowed exports from the country are exacerbating a global food crisis, according to several non-governmental organizations.

Wheat for September delivery jumped 16 1/4¢ to $9.65 ½ a bushel overnight on the Chicago Board of Trade while Kansas City futures gained 9¢ to $10.19 ¾ a bushel.

Corn futures for December delivery were up 8 1/4¢ to $6.63 3/4 a bushel.

Soybean futures for November delivery rose 2 1/2¢ to $14.18 a bushel. Soymeal added $1.20 to $389.10 a short ton, while soybean oil futures gained 0.21¢ to 64.1¢ a pound.

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2. International Grains Council Bumps Production Outlook

The International Grains Council raised its outlook for total global grain production in the 2022-2023 marketing year, while increasing its forecast for ending stockpiles.

Production of wheat and coarse grains globally is now forecast at 2.255 billion metric tons, up from the May outlook for 2.251 billion tons, the IGC said in a report released yesterday.

Ending stockpiles are seen at 583 million metric tons.

Wheat output is pegged at 769 million metric tons, unchanged from the month-earlier forecast, while inventories are projected at 273 million tons, up from 271 million projected in May, the council said.

Corn production is now expected at 1.19 billion metric tons, up from the prior outlook for 1.184 billion, while its inventories forecast is up to 271 million tons from 269 million tons last month.

The IGC's soybean-production outlook was raised to 390 million metric tons from 387 million, though the carryover stocks forecast is down to 56 million tons from 58 million tons.


3. Extremely Hot Weather Expected in Eastern Oklahoma

Eastern Oklahoma and northeastern Texas will see extremely hot weather today as a heat advisory has been issued in the region, according to the National Weather Service.

Heat indexes are forecast from 105 to 108 degrees Fahrenheit, the NWS said in a report early this morning. The advisory will be in effect from 1 p.m. to 8 p.m.

"The combination of hot temperatures and high humidity will combine to create a dangerous situation in which heat illnesses are possible," the agency said.

Further north in eastern Illinois, scattered thunderstorms are expected to rumble through the area late tonight into Saturday. Severe weather is not expected.

The storms will continue Saturday morning and again Saturday night, the NWS said.

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