1. Grain, soybean futures lower in overnight trade
Grain and soybean futures were in overnight trading amid calls for favorable weather in the US and abroad.
Showers are expected in parts of the western Midwest and southern Midwest through Monday, and forecasts call for precipitation in the central plains and northern Midwest by mid-next week, the Commodity Weather Group said in a report.
Harvesting speed will increase in the delta region over the next 10 days and there is still no threat from tropical storms blowing out of the Gulf of Mexico, the forecaster said.
On the southern plains, where hard-red winter wheat planting is underway, “patchy” rainfall in the 11- to 15-day outlook will “briefly support humidity,” CWG said.
Still, weather models show dry weather in the Midwest next week. Parts of South Dakota, Nebraska, northwestern Iowa, southwestern Minnesota, Kansas, Illinois and Indiana will remain dry in late September, the Commodity Weather Group said. The area is 25% to 30% Midwest corn and soybean.
In Brazil, on the other hand, this week’s rains favored southern Mato Grosso do Sol and parts of Sao Paulo and Parana, said Don Keeney, an agricultural meteorologist at Maxar.
Rain is forecast in areas of Mato Grosso, South Mato Grosso do Sul, Minas Gerais, Sao Paulo, Parana, Santa Catarina and Rio Grande do Sul, Keeney said.
In Argentina, light rain is expected in several states including Cordoba, Santa Fe and Entre Rios, he said.
Corn futures for December delivery fell 4 3/4¢ overnight on the Chicago Board of Trade to $6.72 a bushel.
Wheat futures for December delivery lost 5 1/4¢ to $8.39 a bushel, while Kansas City futures fell 3 1/4¢ to $9.23 a bushel.
Soybean futures for delivery in November fell 7 3/4¢ to $14.43 a bushel. Soybean meal fell $2.70 to $425.30 a short tonne, while soybean oil fell 0.03¢ to $64.27 a pound.
2. Export Sales Report Returns, shows corn, beans lower week by week
The USDA’s weekly export sales report finally returned after a three-week absence.
Corn sales for supply in the 2022-2023 marketing year fell to 583,100 tons in the seven days ended Sept. 8, down from 816,000 tons in the previous week, the agency said in separate reports.
Mexico was the big buyer with 283,800 tons, Guatemala took 135,000 tons, unknown countries bought 90,700 tons, Colombia bought 28,800 tons and Panama bought 24,900 tons from US stocks.
Weekly shipments were reported at 426,800 tonnes.
Soybean sales were also lower in the first full week of September, falling to 843,000 tons from 1.47 million tons a year earlier, the USDA said.
China took 441,700 tons, an unnamed country bought 107,400 tons, Taiwan bought 104,200 tons, Mexico bought 75,400 tons and Indonesia bought 58,900 tons.
Exports for the week totaled 375,900 tons.
Wheat sales, meanwhile, rose to 217,300 tons from 192,600 tons the week before, as Iraq bought 100,000 tons, Mexico bought 78,300 tons, China bought 64,700 tons, Nigeria bought 46,100 tons and Vietnam bought 41,000 tons.
The weekly total would have been higher, but an unnamed importer has canceled shipments of 206,000 tons, the USDA said in its report.
The government blamed technical problems for the delays in the weekly export sales report.
3. Rain forecast for portions of Western, Northern Iowa Friday
Rain is expected across much of western and northern Iowa today, although the likelihood of severe weather is low, according to the National Weather Service.
However, the weather over the weekend may worsen with large hail and damaging winds.
“There will be additional chances of thunderstorms in most areas this weekend,” the NWS said in a report this morning. “Some strong to severe storms are possible, particularly Sunday afternoon and evening in the south east.”
Storms could hit eastern Missouri and western Illinois this weekend, with some strong storms forecast for the region Saturday night through Monday, the agency said.
Scattered storms are also expected in northeastern Oklahoma, although any storms moving into the area will break up by early afternoon. After the storms pass, dry weather will resume, the NWS said.
“Fire weather conditions could become a local concern in eastern Oklahoma this afternoon,” the agency said. “A lack of recent rainfall combined with low afternoon humidity levels can allow a fire to spread quickly.”