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3 Big Things Today, June 27, 2022

Corn Futures Drop Overnight; Cattle-on-Feed Numbers Higher

1. Corn Futures Plunge in Overnight Trading

Corn futures plunged in overnight trading on prospects for some precipitation in the U.S. Midwest this week.

Some scattered showers are forecast for parts of Nebraska and a few in the Dakotas today, according to National Weather Service maps. Over the weekend, some rain fell in eastern Iowa, but little was seen in much of Illinois and Indiana.

Minnesota also may see rain as will parts of northern Wisconsin.

High temperatures are expected to be in the 80s in much of the Corn Belt, though some parts of Nebraska and southern South Dakota likely will get into the 90s, NWS maps show.

It's not all good news, however, as temperatures in Illinois on Wednesday and Thursday will reach into the lower 90s with no precipitation expected until at least Friday, the agency said.

The same goes for Kansas, where it's expected to hit the mid-90s this week before reaching into the triple-digits on Thursday, the NWS said.

Corn futures for December delivery were down 14 1/4¢ to $6.59 ¾ a bushel overnight on the Chicago Board of Trade.

Wheat for September delivery rose 5 1/4¢ to $9.42 a bushel while Kansas City futures gained  1 1/4¢ to $9.99 1/2 a bushel.

Soybean futures for November delivery gained 3 1/4¢ to $14.27 1/2 a bushel. Soymeal added $1.70 to $392.40 a short ton, while soybean oil futures rose 0.45¢ to 65.4¢ a pound.

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2. Cattle-on-Feed Numbers Grow Year-Over-Year, Fewer Placements

The number of cattle on feed in the United States on June 1 grew, though fewer animals were placed on feed in May, according to data from the USDA.

About 11.846 million head of cattle were on feed at the start of the month, up 1% from the same date a year earlier, the agency said in a report.

That marks the highest number of animals in feedlots on June 1 since the start of record-keeping began in 1996, the government said.

About 1.869 million head were placed on feed in May, down 2% from the same time last year.

The number of fed cattle marketed grew 2% to 1.914 million, the USDA said.

The biggest year-over-year gains in the number of cattle on feed was in California, where 570,000 head were in feedlots at the start of June, a 5% increase.

Nebraska saw solid gains with 2.53 million head in feedlots, up 4% year-over-year. Texas had 2.94 million head in feedlots, up 3% from the same point in 2021, the agency said.

Texas is the largest cattle-feeding state, followed by Nebraska and Kansas.

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3. Weak Thunderstorms Forecast for Parts of Nebraska

Some weak thunderstorms are possible in parts of eastern Nebraska late tonight into Tuesday, according to the National Weather Service.

More non-severe storms are expected to continue on Tuesday in northern Iowa, the NWS said in a report early this morning.

In the southern Plains, meanwhile, thunderstorms are possible across the western portions of the Oklahoma and Texas panhandles, the agency said.

The storms are forecast for Tuesday and again Thursday through Sunday, though the probability of widespread storms is low.

In northern South Dakota, a couple of short storms may pass through later this afternoon, though strong winds may accompany the storms, the NWS said.

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