3 Big Things Today, July 23, 2024

1. Wheat drops in overnight trading; beans higher

Wheat futures were lower in overnight trading as the U.S. winter harvest remains ahead of schedule and spring ratings stay at lofty levels. 

Seventy-six percent of winter wheat were in the bin as of Sunday, up from 71% a week earlier and ahead of the prior five-year average 72%, the USDA said in a report. 

Seventy-seven percent of U.S. spring wheat were in Good or Excellent condition at the start of the week, unchanged from seven days earlier but well ahead of the 49% that earned top ratings at the same point a year earlier, the agency said. 

Eighty-nine percent of the crop were headed, up from 76% a week earlier but one percentage point behind the average for this time of year. 

Underpinning prices, however, was a report from FranceAgriMer showing only 52% of the French crop in Good or Excellent shape as of about a week ago. That was down from 57% the previous week and 80% at this point last year. 

Farmers in France have harvested 14% of their soft wheat, well behind the 51% in the bin at this time last year, FranceAgriMer said. 

Soybean futures were modestly higher in overnight trading.

Sixty-eight percent of U.S. beans were Good or Excellent as of Sunday, unchanged week to week but ahead of the 54% that earned top ratings a year earlier. 

Twenty-nine percent of the crop were setting pods, up from 18% seven days earlier. Sixty-five percent were blooming versus 51% the previous week, the USDA said. 

Corn ratings declined one percentage point, with 67% in Good or Excellent condition, the government said. Seventeen percent were in dough stage, up from 8% last week, and 61% were in silk stage, well above 41% seven days earlier. 

Wheat futures for September delivery fell 5½¢ to $5.42½ a bushel overnight on the Chicago Board of Trade (CBOT). Kansas City futures lost 7¾¢ to $5.64 a bushel. 

Soybean futures for November delivery rose 3¢ to $10.71¾ a bushel. Soy meal lost 10¢ to $319.30 a short ton. Soy oil was up 0.1¢ to 44.95¢ a pound. 

Corn futures for December delivery fell ¾¢ to $4.14¼ a bushel.

2. Weekly corn, wheat inspections for export decline

Inspections of corn and wheat for overseas delivery declined week to week, while soybean assessments increased, according to USDA data. 

Corn inspections in the seven days ending July 18 dropped to 970,539 metric tons, the USDA said in a report late Monday. 

Still, that's almost triple the amount inspected during the same week a year earlier. 

Examinations of wheat for export declined to 237,965 tons, down from 620,707 tons a week earlier and 361,135 tons at the same point in 2023, the government said. 

Soybean inspections, meanwhile, rose to 327,061 tons from 175,327 tons the week prior. The total was also higher than the 288,655 tons examined during the same week last year. 

Since the start of the marketing year, on Sept. 1, the USDA has inspected 45.6 million metric tons of corn for overseas delivery. That’s up from the 34.3 million tons assessed during the same time frame a year earlier. 

Soybean assessments since the beginning of September now stand at 42.4 million tons, down from the 50.2 million tons inspected in the same period last year. 

Wheat inspections since the start of the grain’s marketing year on June 1 are at 2.59 million metric tons, up from the 2.16 million assessed at this point a year ago, the USDA said in its report. 

3. Showers possible in several Corn Belt states

Scattered showers are possible in parts of northwest Iowa, southwest Minnesota, northeast Nebraska, and southeast South Dakota, according to the National Weather Service. 

Storms are forecast to start this morning and refire in the afternoon and evening, the NWS said. 

Severe storms are not expected, but some small hail and occasional funnels or land-spout tornadoes could be possible today, along with brief, heavy rains, the agency said.

In the southern Plains, scattered thunderstorms are forecast this afternoon and evening for much of Oklahoma, NWS said. 

Severe weather is not in the forecast, the agency said.