3 Big Things Today, June 18, 2024

1. Soybean futures slightly higher overnight

Soybean futures were modestly higher in overnight trading after crop ratings declined. 

Seventy percent of U.S. soybeans were in good or excellent condition as of Sunday, the Department of Agriculture said in a report. 

That's down from 72% a week earlier, but still well above the 54% that earned top ratings during the same week last year, USDA said. 

About 82% of the crop has emerged from the ground, up from 70% a week earlier and the prior five year average of 79%. 

Prices also may be rising on technical buying after prices yesterday dropped 22¢. Investors who were short the market, or bet on lower prices, may be buying back contracts and liquidating their positions. 

Corn futures were also moderately higher overnight as 72% of the U.S. crop was in good or excellent condition at the start of the week, down from 74% seven days earlier. 

Emergence is almost complete with 93% out of the ground, up from 85% last week and the average of 92%, USDA said. 

Spring wheat planting was 95% complete, up from 87% a week earlier and the average of 93%. Four percent of the crop was headed, behind the average of 7% for this time of year. 

The winter wheat harvest continues with 27% in the bin, the agency said. That's up from 12% a week earlier and well ahead of the average of 14%. 

Forty-nine percent of the winter crop was in good or excellent condition as of Sunday, up from 47% the week prior and 38% a year earlier. 

Soybeans for July delivery rose 3¢ to $11.33¼ a bushel overnight on the Chicago Board of Trade, soy meal was up $2.20 to $347.10 a short ton and soy oil lost 0.08¢ to 43.81¢ a pound.

Corn futures were up 2¼¢ to $4.65¼ a bushel. 

Wheat for July delivery fell 2¢ to $6.06 a bushel, and Kansas City futures lost ½¢ to $6.15 a bushel. 

2. Weekly inspections of corn for export decline 

Inspections of corn for overseas delivery fell week to week while wheat and bean assessments improved, according to data from USDA.

Corn inspections totaled 1.29 million metric tons in the week through June 13, the agency said. That's down from 1.34 million a week earlier, but still higher than the 830,999 tons examined during the same week a year earlier. 

Wheat assessments were reported at 374,637 tons, up from 352,402 the week prior and 235,575 at the same point in 2023, the government said. 

Examinations of soybeans for export also rose, jumping to 334,237 tons from 234,061 tons the previous week and 179,719 tons in the same week last year. 

Since the start of the marketing year on Sept. 1, USDA has inspected 40.4 million metric tons of corn for overseas delivery. That’s up from 31.9 million tons during the same period a year earlier. 

Soybean inspections since the beginning of September now stand at 40.9 million tons, down from the 49 million tons assessed during the same timeframe last year. 

Wheat assessments since the start of the grain’s marketing year on June 1 totaled 671,453 tons, up from 554,025 tons at the same point a year ago, USDA said in its report. 

3. Floods, intense winds expected in parts of Kansas

Floods and fierce winds are forecast for much of western and central Kansas this evening into tomorrow, according to the National Weather Service.

As much as 6 inches of rain have fallen this month, which along with high moisture content in the soils and another 1 to 3 inches of precipitation will lead to isolated flash flooding in central, southwestern and west-central Kansas, the agency said in a report early this morning. 

“Excessive runoff may result in flooding of rivers, creeks, streams, and other low-lying and flood-prone locations,” NWS said. “Low-water crossings may be flooded.”

In eastern Iowa and northern Illinois, extreme heat is expected this afternoon. 

Heat indexes are forecast to reach triple digits today, which may lead to heat illness for those working outside for extended periods of time, the government said. 

Scattered storms will move through the area late tonight into Wednesday, NWS said. Gusty winds and heavy rainfall are expected.