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334028

3 Big Things Today, September 27, 2022

Grain prices up overnight; USDA reports harvest behind average.

1. GRAIN PRICES UP IN OVERNIGHT MARKET

In the overnight market corn prices are up 3¢, soybeans are up 12¢, and CBOT wheat is up 12¢. 

At yesterday’s close, corn and soybeans were down to two-week lows. 

Al Kluis with Kluis Commodity Advisors says markets were hit hard on Monday with a “Macro Market Meltdown.” But the stock market has improved overnight. Kluis predicts much of the meltdown will be over by the end of September as he expects a lot of month-end and end-of-quarter selling this week.

Reuters’ reports the unexpected news from the USDA Crop Progress report of harvest being behind average has supported prices overnight. 

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2. USDA REPORTS CORN AND SOY HARVEST BEHIND AVERAGE

In yesterday’s Crop Progress report USDA reported corn harvest in the top 18 corn-producing states was 12% complete. This is 2% behind the five-year average. 

Of the top 18 states, the southern states of North Carolina and Texas have made the most progress, having harvested 74% and 72% of their crops respectively. 

Most Midwestern states like Iowa, Illinois, and Indiana are still in the single digits for percent harvested. 

Despite being behind the average, there was a big jump from last week to this week. Last week only 7% had been harvested. 

Soybeans are a little further behind. Of the top 18 soybean-producing states, 8% has been harvested. The five-year average is 13%. 

Again southern states take the lead. Louisiana has harvested 68% of its crop. Mississippi has harvested 44%. Midwestern states are just getting started. 

Also noteworthy from yesterday’s report was that both corn and soybean crop condition remained steady. Corn was rated 52% good/excellent. Soybeans were rated 55% good/excellent. 

3. UPPER MIDWEST FACING FROST ADVISORY AND FREEZE WARNINGg 

With temperatures dropping this week, many counties in northern Minnesota, northeastern North Dakota, and northern and central Wisconsin are currently under a frost advisory. 

In most counties the frost advisory is in effect this morning until 9 a.m. CDT.

A freeze warning is in effect in a few of the most northern counties in Minnesota. This warning also is in effect until 9 a.m. CDT.

This morning many counties in Mississippi, Alabama, Louisiana, Georgia, and Florida are under a fire weather watch or a red flag warning. This means conditions are right for potential fires. 

Most of Florida and areas along the Gulf Coast are on alert as Hurricane Ian moves closer to the state. 

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