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3 Big Things Today, September 29, 2020

Soybeans, Corn Lower Overnight; Export Inspections of Grains Rise Week-to-Week.

1. Soybeans, Corn Decline Overnight as Harvest Progresses

Soybean and corn futures were both lower in overnight trading on continued harvest pressure.

The U.S. Department of Agriculture’s weekly crop progress report showed 20% of the soybean crop was harvested as of Sunday, up from only 6% seven days earlier and ahead of the prior five-year average of 15% for this time of year.

In Iowa, 30% is collected, up from 7% a week earlier, and in Illinois 11% is in the bin, up from only 1% the previous week, the USDA said.

Some 64% of soybeans were in good or excellent condition, up one percentage point week-to-week.

About 15% of the U.S. corn crop was collected as of the start of the week, up from 8% a week earlier, but behind the average of 16% for this time of year, the agency said.

Unchanged from the previous week, 61% of the crop earned top ratings.

In the southern Plains, 35% of the winter wheat crop was in the ground as of Sunday, up from 20% a week earlier and just ahead of the average of 33% for this time of year. Also, 10% of the crop has already emerged, including 10% of the crop in Kansas, the largest U.S. grower of the grain.

Soybean futures for November delivery fell 3½¢ to $9.92¾ a bushel overnight on the Chicago Board of Trade. Soymeal lost 70¢ to $333.20 a short ton, and soy oil fell 0.4¢ to 32.71¢ a pound.

Corn futures declined 2½¢ to $3.64½ a bushel.

Wheat futures for September delivery fell ¼¢ to $5.50 a bushel, while Kansas City futures dropped 1½¢ to $4.81¼ a bushel.

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2.  Weekly Export Inspections of Grains Higher While Beans Decline

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

Corn inspections in the seven days that ended on Sept. 24 were reported at 806,639 metric tons, up from 765,589 tons a week earlier, the agency said in a report.

Last week’s total also was up from the 421,735 tons examined during the same week a year earlier.

Wheat assessments last week totaled 563,427 metric tons, up from 503,034 tons the previous week, the government said. That was also higher than the 502,915 tons examined in the same week in 2019.

Inspections of soybeans came in at 1.21 million metric tons, down from 1.38 million a week earlier, but higher than the 986,305 tons assessed in the same seven-day period last year, the USDA said.

Since the start of the marketing year on Sept. 1, government inspectors have examined 2.78 million metric tons of corn for offshore delivery.

That’s much higher than the 1.55 million tons assessed during the same time frame a year earlier.

Soybean inspections since the beginning of the month are now at 4.85 million metric tons, up from 3.15 million at this point last year, the agency said.

Wheat assessments since the start of the grain’s marketing year in June 1 now stand at 9.22 million metric tons, up from 8.52 million tons during the same period in 2019, the USDA said.


3. Red-Flag Warnings and Frost Advisories Issued Simultaneously in Central Nebraska

Red-flag warnings and frost advisories have been issued simultaneously for a large chunk of central Nebraska, according to the National Weather Service.

Extremely dry weather led to the red-flag warnings – which can lead to grass and wildfires – as relative humidity today is expected to drop as low as 15% and northwest winds will gust up to 30 mph.

“Fires that develop will be difficult to control,” the NWS said in a report early this morning. “Outdoor burning is not recommended. Use extreme caution if engaging in activities that could start a fire.”

Temperatures in the area, meanwhile, were expected to drop as low as 31°F., which may have resulted in frost formation overnight.

Frost advisories also have been issued along the Colorado-Kansas border into the Oklahoma and Texas panhandles. Temperatures in eastern Colorado were expected to fall to 32°F. overnight.

Weather maps are mostly quiet in the rest of the Corn Belt, NWS maps show.

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