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3 Big Things Today, September 28, 2021

Soybeans Lower in Overnight Trading; Export Inspections of Corn Jump.

1. Soybean Futures Lower in Overnight Trading

Soybean futures were lower in overnight trading as the U.S. harvest accelerated last week.

As of Sunday, 16% of U.S. soybeans were collected, which was up from 6% the previous week and ahead of the prior five-year average of 13%, the Department of Agriculture said in a report.

Around 75% of the crop was dropping leaves at the start of the week, the USDA said; 58% was in good or excellent condition, unchanged from the previous week.

The corn harvest also rolled on last week with 18% now in the bin. That’s up from 10% a week earlier and 15% at the same point in 2020, the agency said. Some 74% of the crop was mature as of Sunday.

About 59% of U.S. corn was in good or excellent condition, unchanged week-to-week.

Winter wheat growers had planted 34% of the U.S. crop as of the start of the week, up from 21% a week earlier and just ahead of the 32% that was in the ground at this point last year.

Roughly 9% had emerged, up from 3% the previous week and the 8% average, the USDA said.

Exporters on Monday reported sales of 334,000 metric tons of soybeans to China for delivery in the 2021-2022 marketing year that started on Sept. 1, the government said. On Thursday, sales of 138,403 tons of corn to Guatemala were reported.

Soybean futures for November delivery fell 5¢ to $12.82½ a bushel overnight on the Chicago Board of Trade. Soymeal lost $1 to $339 a short ton, while soy oil dropped 0.29¢ to 57.82¢ a pound.

Corn futures for December delivery declined 1¢ to $5.38½ a bushel.

Wheat futures for December delivery rose 3¢ to $7.25¼ a bushel, while Kansas City futures gained 2¼¢ to $7.23 a bushel.

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2. Corn and Bean Inspections Surge Week-to-Week

Inspections of corn and beans for overseas delivery jumped week-to-week while wheat assessments declined, according to the USDA.

The government inspected 517,539 metric tons of corn for export in the seven days that ended on Sept. 23, up from 403,422 tons the previous week, the agency said.

That’s down, however, from the 826,995 tons assessed during the same week a year earlier.

Soybean assessments last week totaled 440,742 metric tons, up from 277,297 tons the previous week. Still, the total is well below the 1.3 million tons examined in the same week in 2020, the government said.

Wheat inspections, meanwhile, dropped to 286,087 metric tons from 564,608 tons the prior week and 589,025 tons at the same point last year, the USDA said.

Since the start of the marketing year on Sept. 1, the agency has inspected 1.14 million metric tons of corn for overseas delivery. That’s well below the 2.82 million tons assessed during the same time frame a year earlier.

Soybean inspections since the beginning of September now stand at 941,822 tons, the government said. During the same period in 2020, the agency inspected 5 million metric tons of U.S. beans.

Examinations of wheat for export since the start of the grain’s marketing year on June 1 are at 8 million metric tons, behind the 9.25 million tons assessed during the same time frame last year, the USDA said in its report.

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3. Red-Flag Warnings Issued in Dakotas Amid Dry Weather

Red-flag warnings have been issued for western North Dakota and western south Dakota along with much of eastern Montana and northeastern Wyoming, according to the National Weather Service.

In western North Dakota, winds are expected to be sustained from 15 to 25 mph with gusts of up to 35 mph, the NWS said in a report early this morning.

Relative humidity will drop as low as 10%, the agency said.

“Any fires that develop will spread rapidly,” the NWS said. “Outdoor burning is not recommended.”

In southeastern Kansas, meanwhile, isolated storms may develop this evening and tonight, the agency said. Severe weather isn’t expected.

Storms will pick up in the area the rest of the week, however, with multiple rounds of showers possible through Saturday, the NWS said.

“While a few strong or severe thunderstorms cannot be rules out, the more likely threat may be the potential for some heavy rain and localized flooding,” the agency said.

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