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3 big things today, June 16, 2022

1. Corn futures rise in overnight trading

Corn futures rose in overnight trading amid adverse growth weather in parts of the US.

Soybeans were little changed and wheat was less.

Extremely hot weather is expected for the next few days in central Nebraska, and heat advisories and watches remain in effect for parts of Illinois and Indiana.

Little to no rain has fallen in parts of Kansas, Missouri and southern Illinois in the past week, according to the National Weather Service’s rainfall page.

In Iowa, the southern half of the state has seen little precipitation over the past seven days, NWS data shows.

The US Drought Monitor shows that most states in the Corn Belt did quite well last week, although 88% of Nebraska was experiencing drought conditions.

Just over 4% of the state was experiencing extreme drought, the second-worst rating on the monitor’s scale.

Crop stress from dry weather is centered in the central Midwest and Southwest, which will affect about 25% of corn and soybeans in the next 10 days, the Commodity Weather Group said in a note to clients.

It’s not all bad news, though, as rain in the 11-15 day outlook will likely keep stress limited, the forecaster said.

About 88% of the US corn crop had emerged as of Sunday, in line with the previous five-year average, the Agriculture Department said in a report earlier this week. That’s a 78% increase from the previous week.

About 72% of the crop was in good or excellent condition at the start of the week, down one percentage point from the previous week, the USDA said.

Seventy percent of the soybeans have sprouted from the ground vs. the average of 74% for this time of year, but vs. only 56% the week before.

In the southern plains, dry weather is expected to prevail for the next few days, which will help the winter wheat crop, the CWG said.

Ten percent of the US winter wheat crop was harvested through Sunday, up from 5% the previous week but just below the previous five-year average of 12%, the USDA said.

About 31% of the crop was in good to excellent condition, up from 30% the previous week. Still, at this point last year, 48% of US winter wheat had earned top grades, according to the government.

Corn futures for July delivery rose 2 3/4¢ to $7.76 ¾ a bushel overnight on the Chicago Stock Exchange.

July soybeans gained 1 1/2¢ to $16.95 ¼ a bushel.

Wheat futures for September delivery fell 3 1/4¢ to $10.60 ¼ a bushel, while Kansas City futures lost 5 1/4¢ to $11.35 a bushel.

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2. Ethanol production rises week-on-week while stocks fall

Ethanol production rebounded last week while inventories fell, according to the Energy Information Administration.

Production in the seven days ending June 10 rose to an average of 1.06 million barrels per day, the EIA said in a report.

That’s more than 1.039 million barrels per day, on average, the previous week.

In the Midwest, by far the largest producing region, output rose to an average 999,000 barrels a day from 985,000 barrels a day the previous week, the agency said.

Gulf Coast production rose to 26,000 barrels a day from 19,000 barrels a week earlier.

That was the entirety of the gains as East Coast production was unchanged at 12,000 barrels per day and West Coast production was flat at 9,000 barrels per day for the third week in a row.

Rocky Mountain production was the only one to decline for the week, falling to an average of 14,000 barrels per day from 15,000 barrels the previous week. That marks the lowest level since May 13, the government said.

Ethanol stockpiles, meanwhile, fell to 23.197 million barrels in the seven days ending June 10.

That’s down from 23.636 million barrels a week earlier, the EIA said in its report.

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3. Extremely hot weather continues in the US Corn Belt.

Hot weather continues today in the Midwest, as an excessive heat watch has been issued for central Nebraska and more heat advisories are in place for southern Illinois and parts of Missouri, Indiana and Kentucky, according to Weather Service maps. National.

In central Nebraska, heat index values ​​are expected to reach 105 degrees Fahrenheit every day through Monday, the NWS said in a report this morning.

“Each afternoon will be followed by warm and muggy nights, especially on Saturday and Sunday nights, when low temperatures will only dip into the mid to upper 70s,” the agency said.

In southern Illinois, the heat index will peak at 110 degrees this afternoon.

Those who work outdoors are advised to exercise extreme caution, drink plenty of fluids and limit time outdoors, the NWS said.

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