3 Big Things Today, July 24, 2024

1. Soybeans slightly lower in overnight trading

Soybean futures were modestly lower in overnight trading, and grains were little changed, as investors focused on favorable weather in the U.S. Corn Belt. 

Precipitation was expected in much of the Midwest this week, favoring parts of Minnesota, Wisconsin, and Illinois, said Don Keeney, an agricultural meteorologist with Maxar. 

Rain is forecast for parts of the east-central Midwest today and southeastern areas Thursday, he said. 

“Rains in southeastern areas will further improve moisture for corn and soybeans,” Keeney said. “Rain in central areas next week will maintain moisture.”

Sixty-eight percent of U.S. soybeans were in Good or Excellent condition as of Sunday, unchanged week to week, the USDA said. Still, that’s well 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, and 65% were in bloom stage versus 51% the previous week, the USDA said. 

Corn ratings fell to 67% Good or Excellent at the start of the week, from 68% seven days earlier, the agency said. Seventeen percent of the crop were in the dough stage, up from 8% last week, and 61% were in the silk stage, well above 41% the week prior.

Wheat was mixed, as investors weighed improvements in Australian crop prospects against a dismal outlook in France, the European Union’s biggest producer of the grain. 

Rainfall in southeastern New South Wales and southwestern Western Australia likely will boost prospects for wheat in the Australian states, Keeney said. 

Moisture is expected to remain at a deficit in parts of western France, Hungary, and southern Italy, he said. 

Soybean futures for November delivery fell 4¢ to $10.71½ a bushel overnight on the Chicago Board of Trade. Soymeal lost 30¢ to $318.80 a short ton, and soy oil was down 0.45¢ to 44.68¢ a pound. 

Corn futures for December delivery rose ¾¢ to $4.18 a bushel.

Wheat futures for September delivery gained 2¢ to $5.44¾ a bushel, while Kansas City futures lost ½¢ to $5.66¼ a bushel. 

2. June egg production falls 2%

U.S. egg production in June fell 2% year-over-year to 8.81 billion, the USDA said in a report. 

The total included 7.56 billion table eggs and 1.25 billion hatching eggs, composed of 1.15 billion broilers and 96.7 million egg types, the USDA said. 

Egg layers totaled 371 million in June, down 3% from the previous year, while production per 100 layers rose 1% to 2,377. 

In June, broiler hatchings, which are intended for meat production, totaled 833 million, a narrow year-over-year gain. Egg type hatchings — those that lay eggs — came in at 56.7 million, a 3% decline. 

Broiler types in incubators were reported at 736 million on July 1. Egg types in incubators rose 8% to 53.6 million, the USDA said in its report. 

3. Hot weather forecast for the western Dakotas

Extremely hot weather is expected in western counties in North Dakota and South Dakota, according to the National Weather Service. 

Heat indexes are forecast at around 103°F this afternoon, NWS said in a report early this morning. 

In western Montana, values are expected to reach as high as 110°F. 

“Extreme heat will significantly increase the potential for heat related illnesses, particularly for those working or participating in outdoor activities,” the agency said.

Temperatures overnight will not drop as low as normal, falling only into the low 70s.

Further east, thunderstorms are possible in parts of northern Indiana and southern Michigan. Some of the storms may turn severe, NWS said.