3 Big Things Today, July 30, 2024

1. Soybeans, grains plunge in overnight trading

Soybean and grain futures dropped in overnight trading amid favorable conditions in the U.S.

More than two-thirds of U.S. soybeans were in good or excellent condition as of Sunday, and while that’s down 1 percentage point from the previous week, it’s still well above the 52% that earned top ratings a year earlier, Department of Agriculture data shows. 

Forty-four percent of the crop was setting pods and 77% was blooming, USDA said. 

Some 68% of U.S. corn was in good or excellent shape at the start of the week, up a point from the previous reading, the agency said. A year ago, 55% of the crop saw top ratings. 

Thirty percent was in the dough stage and 77% was silking. 

Spring wheat conditions remain favorable with 74% rated good or excellent, down from 77% a week earlier but still up from 42% at the same point last year. 

The harvest has started, but only 1% is in the bin, trailing the prior five-year average of 3%, USDA said. 

Winter wheat producers continue collecting their grain with 82% now harvested, up from 76% seven days earlier and the average of 80% for this time of year, the government said. 

Soybean futures for November delivery dropped 12¼¢ to $10.27¼ a bushel overnight on the Chicago Board of Trade. Soymeal lost $5.50 to $318 a short ton and soy oil was down 0.03¢ to 41.95¢ a pound. 

Corn futures for December delivery fell 4¢ to $4.08¼ a bushel.

Wheat futures for September delivery lost 11¢ to $5.20 a bushel, while Kansas City futures dropped 15¢ to $5.38¼ a bushel. 

2. Export inspections higher across the board

Inspections of corn, soybeans, and wheat for offshore delivery were all higher week to week, according to data from the Ag Department. 

Corn assessments in the seven days that ended on July 25 totaled 1.06 million metric tons, the agency said. That’s up from 991,257 tons a week earlier and 538,220 tons during the same week a year earlier. 

Soybean inspections were reported at 403,268 tons, up from the 338,255 tons assessed during the previous week and the 334,390 tons inspected at the same point last year, USDA said. 

Examinations of wheat for offshore delivery improved to 431,233 tons from 262,610 tons the week prior. Still, that's down from the 585,318 tons assessed in the same week in 2023. 

Since the start of the marketing year on Sept. 1, USDA has inspected 46.7 million metric tons of corn for export, up from 34.8 million tons during the same timeframe a year earlier. 

Soybean assessments since the beginning of September are now at 42.8 million tons, down from the 50.5 million tons examined in the same period last year. 

Wheat inspections since the start of the grain’s marketing year on June 1 now stand at 3.05 million tons, up from 2.74 million at this point in 2023, USDA said in its report. 

3. Stormy, hot weather forecast for much of Midwest

Thunderstorms and extreme heat are expected in a large stretch of land from northern South Dakota south into east Texas and from the Oklahoma panhandle through the Gulf Coast. 

Severe thunderstorm warnings and excessive heat warnings have been issued in about 15 states, National Weather Service maps show. 

In northern Illinois, storms overnight are rolling through with 60 mph winds and nickel-sized hail, NWS said in a report early this morning. Damage to roofs and siding is expected. 

Wind gusts off up to 60 mph also are forecast for much of central and western Iowa this morning as storms move through the area, the agency said. 

“Torrential rainfall is occurring with this storm, and may lead to flash flooding” NWS said. 

Heat indexes in eastern Kansas and western Missouri this afternoon are expected to reach as high as 113° Fahrenheit. 

In northern Arkansas, values are forecast to hit 110° or slightly above, the agency said.