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3 Big Things Today, September 11

Wheat Futures Lower Overnight; Corn Inspections Decline, Soybeans Higher.

1. Wheat Lower on Weak Demand For U.S. Inventories

Wheat turned lower overnight on weak demand for U.S. supplies.

Accumulated exports of U.S. wheat since the start of the grain’s marketing year on June 1 are down 33% from the same time frame a year earlier, according to the USDA.

Total commitments to purchase U.S. wheat from overseas buyers is down 25% to 9.39 million metric tons, the government said in a report last week.

Prices yesterday jumped more than 2% after the Australian government lowered its forecast for its wheat crop to 19.1 million metric tons from 21.9 million in June. The USDA has pegged output at 19.5 million metric tons.

Corn was little changed and soybeans were barely higher overnight.

Wheat for December delivery fell 4¢ to $5.24¼ a bushel in Chicago, while Kansas City futures lost 3¢ to $5.27¾ a bushel.

Corn futures rose ¼¢ to $3.67½ a bushel overnight.

Soybean futures for November delivery rose 2¾¢ to $8.48 a in Chicago. Soy meal rose $1.70 to $320.30 a short ton, and soy oil fell 0.06¢ to 28.30¢ a pound.


2. Export Inspections of Corn Lower Week to Week; Soybeans, Wheat Higher

Exports inspections of corn plunged week to week, while soybeans and wheat both increased.

Corn inspections for delivery to overseas buyers fell to 763,475 metric tons in the seven days that ended on September 6, down from 1.34 million tons the prior week, according to the USDA. That’s still higher than the 677,939 tons that were inspected during the same week last year.

Assessments of soybeans being shipped overseas rose to 924,839 metric tons, up from 775,861 tons a week earlier, the USDA said in a report. The total, however, is down from 1.11 million tons a year earlier.

The marketing year for both corn and soybeans started on September 1.

Wheat inspections were reported at 429,081 metric tons last week, up from 409,232 tons in the prior seven-day period, the government said. During the same week last year, government officials inspected 508,855 tons of wheat.

Since the start of wheat’s marketing year on June 1, the USDA has inspected 5.68 million metric tons of the grain for export, well below the year-earlier pace for this time of year of 8.26 million tons, according to the government.

In other news, the USDA will release its weekly Crop Progress Report Tuesday after it was delayed by a day by a technical glitch.


3. Flood Warnings in Effect on Mississippi River; Florence Set to Hit Land Thursday, Friday

Flood warnings are still in effect for several counties along the Mississippi River on the Missouri and Illinois border, according to the National Weather Service.

 The river is rising along portions of the river with “minor” flood conditions being reported near Cape Girardeau, the NWS said in a report. Flooding is expected to continue along the river but will crest sometime Thursday.

Along the East Coast, meanwhile, hurricane watches, tropical storm warnings, and storm surge watches are in effect as Hurricane Florence heads toward coastal areas in the Carolinas.

Winds are expected from 65 to 85 knots with gusts up to 125 knots, with seas ranging from 18 to 23 feet at this time, the NWS said. The hurricane is expected to make landfall late Thursday or early Friday and is currently rated as a Category 4 storm.

Winds associated with the storm, which is still several hundred miles from shore, are reaching 140 mph and moving west-northwest at 15 mph, according to The Weather Channel.

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