3 Big Things Today, July 2

1. Soybeans, Corn Slightly Higher in Overnight Trading

Soybeans and corn were slightly higher in overnight trading as planting and emergence still remain behind their normal paces.

The U.S. soybean crop was 92% seeded as of Sunday, down from the normal 99% for this time of year, the USDA said in a report.

About 83% of the crop had emerged from the ground, behind the average for this time of year of 95%, the USDA said. Fifty-four percent of U.S. beans were rated good or excellent, unchanged week to week.

Corn planting is finally finished, and 94% of the crop had emerged by the start of the week. Some 58% was in good or excellent condition as of Sunday, unchanged from the previous week, according to the government.

Winter wheat harvest was well behind the average, coming in at 30% finished vs. the normal 48% for this time of year. In Kansas, the biggest producer of winter varieties, only 28% was in the bin, well behind the average of 61% for this time of year.

Soybeans for November delivery gained 3¼¢ to $9.11¾ a bushel overnight on the Chicago Board of Trade. Soy meal rose $1 to $315.60 a short ton, while soy oil added 0.21¢ to 28.80¢ a pound.

Corn futures for December delivery gained 1½¢ to $4.24 a bushel overnight.

Wheat for September delivery fell 1¾¢ to $5.10¼ a bushel overnight, while Kansas City wheat dropped ½¢ to $4.43½ a bushel.

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2. Inspections of Corn Plunge Week to Week, While Soybeans are Slightly Lower, Wheat Higher

Inspections of corn for overseas delivery plunged week to week, while soybean assessments were down slightly, according to the USDA.

Corn inspections in the seven days that ended on June 27 totaled 272,513 metric tons, the USDA said in a report.

That’s down from 617,740 metric tons the previous week and well below the 1.54 million tons assessed during the same period in 2018.

Examinations of soybeans for offshore delivery were reported at 719,299 metric tons, down from 731,812 tons a week earlier and the 850,084 tons assessed a year earlier, the government report said.

Wheat inspections, however, increased to 609,037 metric tons last week. That’s up from 433,314 tons examined the previous week and 324,548 tons assessed during the same time frame a year earlier, the USDA said.

Since the start of the marketing year on September 1, government officials have inspected 41.7 million metric tons of corn for offshore delivery. That’s down from the 45.8 million tons examined during the same period a year earlier.

Soybean assessments since the beginning of September are now at 37.1 million tons. well below the previous year’s 49.7 million tons, according to the USDA.

Since the start of the grain’s marketing year on June 1, wheat inspections stand at 1.9 million metric tons, ahead of the prior year’s pace of 1.48 million tons for this time of year, the government said in its report.

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3. Heat Advisory Issued, Thunderstorms Possible in Northern Indiana, Western Ohio

A heat advisory is in effect for parts of northern Indiana and Ohio this morning.

Temperatures in the area will rise into the 90s today, which along with high humidity will result in a real feel of about 100˚F., according to the National Weather Service.

It’s possible to develop heat illnesses in temperatures that high for those working outside, the NWS said in a report early this morning.

Despite the heat, thunderstorms also are possible in the region today and tonight. Some stronger storms may develop with wind gusts topping 50 mph, the agency said.

Farther south, storms in Arkansas today and tonight likely will delay the remaining winter wheat harvest in the state.

Some strong storms are possible, mostly this afternoon and early evening. Gusty wind and hail will be the biggest concerns with any strong storms that develop. Flash flooding also is a worry, the NWS said.