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3 Big Things Today, September 25
1. Grains Lower Overnight After USDA Report Shows Progress
Grains fell overnight after the U.S. Department of Agriculture said in a report that the harvest of corn and planting of winter wheat were both well ahead of average.
The corn harvest was 16% complete, up from 10% last week and ahead of the prior five-year average of 11%, according to the USDA. About 69% of the crop was in good or excellent condition, up by 1 percentage point from last week.
About 28% of the winter-wheat crop in the U.S. was planted as of Sunday, up from 26% on average for this time of year. In Kansas, the biggest winter-wheat producer, 21% was in the ground, ahead of the 16% average, the government said.
Soybeans rose despite the escalating trade war between the U.S. and China, which has all but halted purchases by the Chinese of American soybeans. According to the USDA, 14% of the U.S. soybean crop was harvested, up from the average of 8% for this time of year.
Corn futures for December delivery fell 1¢ to $3.59½ a bushel overnight on the Chicago Board of Trade.
Wheat dropped 5½¢ to $5.21½ a bushel overnight, while Kansas City futures fell 3½¢ to $5.25½ a bushel.
Soybean futures for November delivery rose 4½¢ to $8.45½ a bushel in Chicago. Soymeal futures were up $2.70 to $310.20 a short ton, and soy oil added 0.03¢ to 28.55¢ a pound.
2. Corn Inspections Up Week-to-Week While Soybeans, Wheat Assessments Fall
Inspections of corn for export rose week-to-week, while soybean and wheat assessments both declined, according to the USDA.
Corn inspections in the seven days that ended on September 20 totaled 1.26 million metric tons, up from 1.04 million tons a week earlier and 779,971 tons during the same week a year earlier, the government said in a report.
Soybean assessments, however, fell to 693,890 metric tons from 786,268 tons the prior week. During the same week in 2017, government officials inspected 1.04 million tons of soybeans for export.
Wheat inspections came in at 409,592 tons, just below 410,675 tons seven days earlier and 502,725 tons a year ago.
Since the start of the marketing year on September 1, assessments of corn have outpaced the year-ago level, rising to 2.98 million tons from 2.15 million tons. Soybean inspections are, however, well behind the year-ago pace at 2.31 million tons, well below last year’s 3.08 million tons.
Wheat inspections since the start of the grain’s marketing year on June 1 are at 6.53 million tons, missing the year-ago total of 9.23 million tons, the USDA said.
3. Severe Thunderstorms Expected in Eastern Iowa, Western Illinois Today
Severe thunderstorms are likely in parts of eastern Iowa and western Illinois today as a cold front pushes through, according to the National Weather Service.
“Thunderstorms will be likely ahead of this front and some of the storms may be severe,” the NWS said in a report early Tuesday morning. “The Storm Prediction Center has a slight risk of severe storms over most of the outlook area.”
The biggest threats will be damaging winds that may reach 70 mph and large hail. Tornadoes are also possible in the region, the agency said.
Several rivers in the area are still flooding, so residents are warned to beware of low water crossings. As much as six times the normal amount of rain has fallen in the past week in the region, according to the NWS.