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3 Big Things Today, September 3, 2021

Corn Futures Lower in Overnight Trading; Export Sales Rise Across the Board.

1. Corn Futures Fall in Overnight Trading

Corn futures were lower in overnight trading on concerns about the shape of export facilities in the Gulf Coast that were lashed earlier this week by Hurricane Ida.

Investors are concerned about several shipping facilities that were damaged along the coast after the storm made landfall on Sunday.

Exporters have reported damage to terminals, while much of Louisiana is still without power.

Power provider Entergy Louisiana said in a tweet that crews have restored power to 111,000 people and that damage assessment in the state is 63% complete. The goal, the company said, was to finish assessing damage last night with the exception of some inaccessible areas in the southeastern part of Louisiana, which was the hardest-hit area.

Almost 26,000 workers from 40 states are working to restore power in the state, Entergy Louisiana said.

Prices also may be lower overnight as rains into the weekend may boost crop prospects in the western Midwest.

The precipitation is expected to benefit corn and soy filling this weekend, Commodity Weather Group said in a report. Rain next week should aid crops in the northeastern Midwest next week, limiting soil-moisture shortages, the forecaster said.

Corn futures for December delivery fell 4½¢ to $5.21 a bushel overnight on the Chicago Board of Trade.

Soybean futures for November delivery rose 2¢ to $12.85¼ a bushel. Soymeal lost a dime to $339.90 a short ton, while soy oil gained 0.33¢ to 59.12¢ a pound.

Wheat futures for September delivery added 1¢ to $7.18 a bushel, while Kansas City futures rose ¼¢ to $7.09¼ a bushel.

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2. Weekly Export Sales Higher Across the Board

Export sales of soybeans, corn, and wheat for delivery in the 2021-2022 marketing year that started on Sept. 1 were all higher week-to-week, according to the USDA.

Soybean sales in the seven days that ended on Aug. 26 totaled 2.13 million metric tons, the agency said. That’s up from 1.75 million tons a week earlier.

China was the big buyer at 1.26 million metric tons, unnamed countries bought 654,000 tons, Mexico took 88,700 tons, Egypt was in for 50,000 tons, and Taiwan purchased 32,000 tons from U.S. supplies.

Exports totaled 324,000 metric tons, up 25% from the previous week.

Corn sales to overseas buyers for delivery in the 2021-2022 marketing year surged to 1.16 million metric tons from 684,000 tons a week earlier, the USDA said.

Mexico bought 464,500 metric tons, Colombia purchased 352,000 tons, Canada took 292,600 tons, Japan was in for 40,000 tons, and Taiwan bought 7,400 tons of U.S. corn.

Exports for the week were reported at 529,300 metric tons, down 30% from a week earlier.

Wheat sales jumped to 295,300 metric tons through Aug. 26, up noticeably from the 116,000 tons sold the previous week, the government said.

Mexico bought 103,900 metric tons, Japan took 92,400 tons, Nigeria purchased 70,000 tons, China was in for 58,000 tons, and the Philippines took 45,800 metric tons.

An unnamed country canceled shipments totaling 100,000 metric tons and Brazil nixed cargoes of 50,000 tons, the agency said.

Exports for the week totaled 417,100 metric tons, down 38% from the previous week, the USDA said in its report.

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3. Flood Watches and Warnings in Effect in Eastern Kansas

Flood watches and warnings are in effect for parts of eastern Kansas as thunderstorms rumble across the area this morning, the National Weather Service said.

Up to 5 inches of rain has already fallen near Interstate 70, the NWS said in a report early this morning.  Several more inches of rain are forecast to fall.

Flooding is already occurring or will begin shortly in the area, the agency said.

Farther north in eastern Iowa and western Illinois, scattered showers are expected today and tonight, the NWS said.

“Isolated thunderstorms are possible, which could lead to brief downpours and occasional lightning strikes,” the agency said.

The Mid-Atlantic is recovering this morning from storms left behind by Ida. Cooler, drier conditions are expected for the region this weekend.

“This is welcome news for ongoing cleanup efforts in the hard-hit areas,” the NWS said. “Nevertheless, caution should still be taken as rivers and streams will take time to recede from flood stages.”

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