1. Wheat futures drop in overnight trading
Wheat futures were lower in overnight trading amid better conditions for winter varieties as the harvest continues.
Thirty-one percent of the U.S. winter wheat crop was in good or excellent condition as of Sunday, up from 30 percent a week earlier, the Agriculture Department said in a report Monday.
That’s still down from the top-ranking 48% at the same point last year, USDA data shows.
Ten percent of the crop was harvested at the beginning of the week, down from 5% the previous week, but down from the previous five-year average of 12%, the agency said in its report.
The US corn crop was 72% good or excellent at the start of the week, down from 73% the previous week, but up from the 68% that was top-rated at the same point in 2021.
Almost all of the crop was in the ground and 88% emerged, the USDA said.
Seventy percent of the US soybean crop was in good or excellent condition as of Sunday, the first crop condition report of the year, up from 62% at the same point last year.
About 88% of the crop was planted as of Sunday, on par with the previous five-year average, and 70% emerged, down from the normal 74% for this time of year, the government said.
Extremely hot weather is expected across much of the eastern Midwest for at least the next two days, which may curb elevated growing conditions this week.
Wheat futures for July delivery fell 9 ¼ ¢ to $10.61 ¾ a bushel overnight on the Chicago Stock Exchange, while Kansas City futures lost 6 1/4 ¢ to $11.55 ½. the bushel.
Corn futures fell 6 ½ ¢ to $7.62 ¾ a bushel.
Soybeans for July delivery rose 6 ¾¢ to $17.14 ¼ a bushel.
2. Corn export inspections decrease week by week
Corn inspections for overseas delivery fell last week, while soybean and wheat assessments improved, according to data from the Department of Agriculture.
Corn inspections in the seven days ending June 9 were reported at 1.2 million metric tons, down from 1.46 million tons the previous week, the agency said.
That is also far below the 1.61 million metric tons examined for export during the same week last year.
Soybean inspections last week totaled 605,129 metric tons, up from 365,455 tons assessed the previous week and well above the 141,320 tons inspected at the same point in 2021, the USDA said.
Wheat assessments also increased, reaching 388,847 metric tons last week against 355,340 tons the previous week.
The total was still far below the 499,945 tonnes tested during the same week last year, the agency said.
Since the start of the business year on September 1, the USDA has inspected 45 million metric tons of corn for export. That’s down from 54.2 million tonnes during the same period a year earlier.
Soybean inspections since early September now stand at 50.5 million metric tons, down from 57 million tons examined during the same period last year, the government said.
Wheat inspections in the first full week of the 2022-2023 marketing year were 615,556 metric tons, up from 694,430 tons at the same point in 2021, the USDA said in its report.
3. Extreme heat expected in Illinois, Indiana and Ohio
Excessive heat warnings and heat advisories were issued today for much of the eastern corn belt, according to maps from the National Weather Service.
Most of Illinois, Indiana and Ohio will see excessive heat warnings today and tomorrow, the NWS said in a report this morning.
Temperatures across much of Illinois will reach 112 degrees Fahrenheit, the agency said.
“Extreme heat and humidity will significantly increase the potential for heat-related illness, particularly for those who work or participate in outdoor activities,” the NWS said.
In much of Indiana, temperatures will also hit 112 degrees today.
Temperatures in Ohio will top 105 degrees this afternoon, and values will remain extremely high through tomorrow, the NWS said.