- Soybeans, grains little changed overnight
Soybeans and grains were little changed overnight as bets on extremely hot weather in the U.S. Corn Belt are countered by expectations of ample supplies globally.
Temperatures in much of the central U.S. are expected to repeatedly hit triple digits today and for the rest of the week, putting recently planted beans, corn and spring wheat at risk.
The National Weather Service said hot weather will stretch from parts of the Dakotas south into Louisiana. Advisories issued by the agency will reach from central Kansas east into Illinois.
Soybeans Seventy percent of U.S. soybeans were in good or excellent condition as of June 16, the U.S. Department of Agriculture said last week, down 2 percentage points from the week prior.
About 72% of the U.S. corn crop was rated good or excellent, down from 74% the previous week, the government said.
USDA is scheduled to release its updated crop progress report this afternoon.
Still, global soybean inventories in the 2024-2025 marketing year are expected to reach almost 128 million metric tons, USDA said in a report earlier this month. That’s up from 111.1 million tons a year earlier.
The global output is projected at 422.3 million tons, up from 396 million last year, the USDA said.
November soybeans added 2 3/4¢ to $11.22 3/4 a bushel, soymeal dropped 20¢ to $341.20 a short ton and soy oil declined 0.08¢ to 44.3¢ a pound in overnight trading on the Chicago Board of Trade.
Corn for December fell 1 3/4¢ to $4.51 1/2 a bushel.
Wheat futures for September delivery added 1 1/4¢ to $5.77 a bushel, and Kansas City futures lost 1 1/2¢ to $5.85 1/2 a bushel.
- Corn sales decline in week through June 13
Export sales of corn declined in the seven days that ended on June 13, the Ag Department said in a report that was delayed by last week’s Juneteenth holiday.
Corn sales for overseas delivery were 511,400 metric tons, down 52% from the previous week and 48% from the prior four-week average, USDA said.
The big buyer was Japan at 370,600 tons, followed by Colombia at 113,900 tons and Mexico at 99,700 tons. Saudi Arabia purchased 59,700 tons of U.S. corn.
The total would’ve been higher but an unnamed country canceled orders for 418,400 tons, Spain nixed shipments of 57,100 tons and South Korea called off purchases of 55,000 tons, the agency said.
Soybean sales were reported at 556,500 metric tons, up 48% from the week prior and 89% from the average, USDA said.
China took 213,700 tons, while Egypt was in for 157,500, Indonesia purchased 64,600 tons, the Netherlands bought 58,300 tons, and an unknown destination took 58,700 tons. Purchases were offset by cancelations of 66,000 tons by Pakistan.
Wheat sales for the 2024-2025 marketing year that began on June 1 totaled 589 700 metric tons, the government said.
Korea bought 118,600 tons, the Philippines imported 108,300 tons, Vietnam took 88,400 tons, Indonesia purchased 80,200 tons and Brazil imported 60,000 tons. An unnamed country cancelled shipments of 37,000 tons, USDA said in its report.
- Heat wave persists in much of Midwest
A gigantic heat wave will persist throughout the day as heat advisories have been issued from northern South Dakota to the Gulf of Mexico, according to National Weather Service maps.
In central Nebraska, heat indexes will rise as high as 108 degrees Fahrenheit, while western Iowa reaches 105 degrees, according to the agency.
Near the bootheel of Missouri, temperatures will be as high as 105 degrees, NWS said.
The agency said those who work outside should drink plenty of fluids, take frequent breaks and stay in air-conditioned places as much as possible.
The heat will hit western Illinois today, where heat indexes are forecast to be in triple digits.
“Take extra precautions if you work or spend time outside,” NWS said.