3 Big Things Today, July 19, 2024

1. Soybeans, grains higher in overnight trading

Soybean and grain futures were modestly higher in overnight trading on signs of demand for U.S. supplies.

Exporters sold 510,000 metric tons of U.S. beans to an unnamed country for delivery in the 2024-2025 marketing year that starts on Sept. 1, the Department of Agriculture said in a report. 

Sales of 150,000 tons of soymeal to an unknown destination were also reported. 

Keeping a lid on prices, however, is more favorable weather in parts of the U.S. Corn Belt. 

A heat wave that gripped much of the Midwest has moved on and rain is forecast for much of the region in the next six to 10 days, according to the National Oceanic and Atmospheric Administration. 

Rain will be near normal for eastern Nebraska and much of western Iowa during that timeframe, while there's an above-average chance for precipitation in eastern Kansas, much of Missouri, eastern Iowa and the northern two-thirds of Illinois, NOAA said. 

Soybean futures for November delivery rose 3 1/4¢ to $10.46 1/4 a bushel overnight on the Chicago Board of Trade. Soymeal added $1.20 to $312.70 a short ton and soy oil was up 0.24¢ to 44.57¢ a pound. 

Corn futures for December delivery gained 2 1/2¢ to $4.07 1/2 a bushel.

Wheat futures for September delivery rose 4 3/4¢ to $5.40 a bushel, while Kansas City futures added 3 1/4¢ to $5.66 a bushel. 

2. Weekly sales of corn for overseas delivery decline

Sales of corn to overseas buyers declined in the week through July 11 while wheat and bean sales rose, according to the Ag Department. 

Corn sales for delivery in the 2023-2024 marketing year that ends on Aug. 31 totaled 437,800 metric tons, the agency said. That's down 19% from the previous week and 10% from the prior four-week average. 

Japan purchased 191,200 metric tons, Mexico bought 129,400 tons, Colombia was in for 102,000 tons, Saudi Arabia took 60,000 tons and Portugal purchased 55,000 tons. 

The total would've been higher but an unnamed country canceled orders for 195,100 tons and Costa Rica nixed cargoes of 10,800 tons. 

Sales for the 2024-2025 year that starts on Sept. 1 were reported at 485,700 tons. Exports for the week jumped 26% to 1.1 million tons. 

Soybean sales rose 10% week to week to 228,100 metric tons, USDA said. That's still down 29% from the average. 

Egypt was the big buyer at 92,000 tons, followed by Japan at 35,200 tons, South Korea at 25,900 tons and Indonesia at 18,600 tons, the government said. 

For the 2024-2025 marketing year, sales were reported at 507,000 tons. Exports last week dropped 25% to 200,800 tons, USDA said. 

Wheat sales jumped to 578,500 metric tons, more than double the previous week and up 1% from the average, the department said. 

South Korea took 119,000 tons, Mexico purchased 92,700 tons, China was in for 72,300 tons, Indonesia bought 70,000 tons and Italy purchased 61,000 tons of U.S. wheat. An unnamed country canceled shipments of 92,500 tons. 

Exports for the week surged to 630,900 tons from 294,600 tons the previous week, USDA said in its report. 

3. Southern Plains storms forecast for the weekend

Thunderstorms are moving their way through the southern Plains this morning and will continue later this afternoon, according to the National Weather Service. 

Some of the storms could bring damaging winds to the area, the agency said in a report early this morning. Storms are expected to continue from tomorrow through Wednesday. 

Scattered thunderstorms are also forecast today for parts of central South Dakota, NWS said. 

Severe weather will be isolated today, and there's a daily chance of storms through the weekend, the agency said. 

Flooding is expected to continue on the Mississippi River along the Illinois-Missouri border. 

The river at Hannibal, Missouri, was at 21.6 feet late Thursday, well above flood stage of 17 feet. The Mississippi is expected to recede to 20.7 feet by Monday morning, NWS said.