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3 Big Things Today, June 30, 2022

Soybeans, Grains Lower Overnight; Ethanol Production Falls Second Straight Week

1. Soybean, Grain Futures Lower in Overnight Trading

Soybean and grain futures were lower in overnight trading on concerns about demand amid global recession fears.

Several recent reports have showed economies worldwide are slowing and consumer confidence is waning.

The Conference Board Consumer Confidence Index fell to a 98.7 reading from a 103.2 print in May. The index now stands at the lowest since February 2021.

The present situation index, which measures current and business conditions, fell slightly to a 147.1 reading, while its expectations index, measuring the short-term outlook for income, business and labor conditions, plunged to a 66.4 print from 73.7, marking the lowest level since March 2013, the Conference Board said.

Central banks globally have been raising interest rates in a bid to cool economies and slow inflation.

The U.S. Federal Reserve earlier this month rose interest rates 75 basis points, and Federal Reserve Bank of Cleveland President Loretta Mester said yesterday that she would be in favor of another 75-point rate increase.

Soybean futures for November delivery fell 3 3/4¢ to $14.74 ½ a bushel overnight on the Chicago Board of Trade. Soymeal lost $2.30 to $404.70 a short ton, while soybean oil futures dropped 0.25¢ to 66.73¢ a pound.

Corn futures for December delivery were down 5 3/4¢ to $6.48 a bushel.

Wheat for September delivery lost 6¢ to $9.24 a bushel while Kansas City futures fell 1/4¢ to $9.91 a bushel.

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2. Ethanol Output Falls Second Straight Week, Stocks Drop to Lowest in 2022

Ethanol production declined for a second straight week and inventories dropped to the lowest level this year, according to data from the Energy Information Administration.

The ethanol data comes after the previous week's report was delayed due to technical difficulties.

Output in the seven days that ended on June 24 fell to an average of 1.051 million barrels a day from 1.055 million barrels a week earlier, the EIA said in a report.

That's the lowest production level in three weeks.

In the Midwest, by far the biggest producing region, output fell to an average of 990,000 barrels per day, down from 996,000 barrels the previous week, the agency said.

Rocky Mountain production declined to 15,000 barrels a day from 16,000 barrels a week earlier.

That was the entirety of the declines as West Coast production was unchanged for the fifth straight week at 9,000 barrels a day, the government said.

East Coast output rose to 13,000 barrels per day from 12,000 barrels the previous week, and Gulf Coast production increased to 24,000 barrels from 23,000 barrels.

Inventories, meanwhile, plunged to 22.746 million barrels in the seven days through June 24, the EIA said.

That's down from 23.476 million barrels a week earlier and the lowest level since the week that ended on Dec. 31, the agency said in its report.


3. Thunderstorms Forecast For Parts of Northern Iowa, Southern Wisconsin

Isolated thunderstorms are expected in parts of northern Iowa into central Wisconsin today, according to the National Weather Service.

Some of the storms may become severe between 5 and 10 p.m., the NWS said in a report early this morning. The biggest threats are damaging wind and hail.

Storms likely will refire on Saturday and last through next Wednesday, the agency said. At this point, however, little severe weather is expected.

Further east in central Indiana, dry weather is causing wildfire concerns, the NWS said.

Winds are expected to gust up to 20 miles an hour and relative humidity is forecast to fall as low as 25% today

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