3 Big Things Today, September 22, 2020

Soybeans, Grains Higher Overnight; Export Inspections Decline Across The Board.

1. Soybean, Grain Futures Higher in Overnight Trading

Soybean and grain futures were higher overnight on continued signs of strong demand for U.S. supplies.

Exporters reported sales of 132,000 metric tons of soybeans to China, 132,000 tons to Pakistan, and 171,000 tons to an unnamed country, the U.S. Department of Agriculture said in a report on Monday.

Exporters have reported sales of U.S. agricultural products in each of the past nine business days, USDA data show.

Also keeping prices aloft is dry weather in much of the Midwest.

Little or no rain is expected in much of Nebraska, Iowa, or Illinois for at least the next seven days, according to weather forecasters.

That may actually help producers in some states where the harvest is underway.

About 6% of the U.S. soybean crop was harvested as of Sunday, while 59% were dropping leaves, the government said. Some 63% of the crop was rated good or excellent at the start of the week, unchanged from the previous report.

Eight percent of U.S. corn was in the bin as of Sunday, with 59% of the crop mature, the agency said. About 61% was in good or excellent condition, up from 60% a week earlier, the USDA said.

Soybean futures for November delivery rose 4¾¢ to $10.27¼ a bushel overnight on the Chicago Board of Trade. Soymeal added $3 to $341.10 a short ton, and soy oil dropped 0.1¢ to 34.1¢ a pound.

Corn futures for December delivery gained 1¼¢ to $3.71 a bushel.

Wheat futures for September delivery rose 5¢ to $5.59¾ a bushel, while Kansas City futures added 6¢ to $4.93¼ a bushel.

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2. Weekly Export Inspections Lower Across the Board  

Inspections of corn, beans, and wheat for offshore delivery all declined in the seven days that ended on Sept. 17, according to the USDA.

Export inspections of corn for overseas delivery were reported at 755,111 metric tons, down from 939,113 tons the previous week, the agency said in a report.

That was still well higher than the 235,389 tons assessed during the same week a year earlier.

Examinations of soybeans came in at 1.31 million metric tons, down from 1.63 million the previous week, the USDA said.

During the same week in 2019, the government inspected 926,271 metric tons of soybeans of overseas delivery.

Wheat inspections last week totaled 469,939 metric tons, down from 692,422 tons the previous week and 488,647 tons at the same point last year.

Since the start of the marketing year on Sept. 1, government inspectors have examined 1.97 million metric tons of corn for export.

That’s up from the 1.13 million tons assessed during the same time frame a year earlier.

Soybean inspections since the start of Sept. 1 now stand at 3.57 million metric tons, up from 2.17 million at the same point last year, the agency said.

Wheat assessments since the start of the grain’s marketing year on June 1 are at 8.62 million metric tons, up from the 8.02 million tons inspected during the same period in 2019, the USDA said in its report.

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3. Flash Flood and Storm Surge Warnings in Effect in Texas After Beta Makes Landfall

Flash flood and storm surge warnings are in effect along the Texas Gulf Coast this morning after Tropical Storm Beta made landfall yesterday, according to the National Weather Service.

Strong thunderstorms are rolling through the area with up to 8 inches of rain already on the ground, the NWS said in a report early this morning. Another 1 to 2 inches is possible.

“Although rain has diminished, high water is still being reported on area roads and bayous remain high,” the agency said. “Additional showers and thunderstorms will move into the Flash Flood Warning area this morning and could increase the risk for flash flooding.”

In western Nebraska, meanwhile, low humidity and high temperatures have increased the risk of wildfires in the area, the NWS said.

Relative humidity is expected to be around 15% while wind gusts will top out at about 25 mph, the agency said.

Little rain is in the forecast for much of the Corn Belt for at least the next few days.

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