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IKAR in Mass Media

3 Big Things Today, August 15, 2023

16 августа 2023 года

Grains, Soybeans Lower in Overnight Trading; Export Inspections of Corn Improve

1. Grains, Soybeans Lower in Overnight Trading

Grains and soybeans were lower in overnight trading amid improving crop conditions in the U.S. Corn Belt.

About 59% of the corn crop was in good or excellent condition as of Sunday, up from 57% a week earlier, the U.S. Department of Agriculture said in a report.

Eighteen percent of the crop was dented at the start of the week and 65% was in the dough stage.

Some 59% of soybeans were in good or excellent shape, up from 54% the previous week, the agency said in its report.

Almost 80% was setting pods and 94% of the crop was blooming, USDA said.

Wheat futures were lower as both the winter and spring harvests roll on.

Ninety-two percent of winter wheat was in the bin as of Sunday, up from 87% a week earlier, government data show. Spring-wheat collection was 24% finished, up from 11% last week.

Prices also are being pressured this morning after IKAR, a Russian grain consultancy, raised its outlook for domestic wheat production to 89.5 million metric tons from a previous projection for 88 million.

Corn futures for December delivery fell 5 cents to $4.82¾ a bushel overnight on the Chicago Board of Trade.

Wheat futures for September delivery lost 7¼ cents to $6.08¾ a bushel while Kansas City futures declined 1 cent to $7.49½ a bushel.

Soybeans for November delivery lost 6 cents to $13.20 a bushel. Soymeal dropped $3.30 to $388.70 a short ton, while soy oil added 0.23¢ to 61.38¢ a pound.

2. Weekly Corn, Bean Export Inspections Higher

Inspections of soybeans and corn for overseas delivery both rose week-to-week while wheat assessments declined, according to data from USDA.

The government inspected 297,797 metric tons of soybeans for export in the week that ended on Aug. 10, the agency said in a report. That's up from the 284,377 tons assessed a week earlier but well behind the 768,328 tons examined at the same point in 2022.

Corn inspections were reported at 398,269 metric tons, up from 387,973 tons in the previous seven days, the government said. Officials inspected 539,336 tons of U.S. corn for offshore delivery during the same week last year.

Wheat assessments, meanwhile, were down to 183,289 metric tons from 292,964 tons a week earlier and 390,291 tons a year ago.

Since the start of the marketing year on Sept. 1, USDA has inspected 35.6 million metric tons of corn for export. That's well behind the 53.1 million tons examined during the same timeframe a year earlier.

Soybean inspections since the beginning of September now stand at 51.1 million metric tons, down from 55.3 million a year earlier.

Examinations of wheat for export since the start of the grain's marketing year on June 1 are now at 3.22 million metric tons, down from 3.9 million tons during the same period last year, USDA said in its report.

3. Extreme Heat Forecast For Parts of OKlahoma

Excessive heat is forecast for much of central Oklahoma and northern Texas this week and will last at least through the weekend, according to the National Weather Service.

Risks of wildfires will increase this afternoon into tomorrow as temperatures hit the triple digits, wind speeds increase, and relative humidity remains low, the NWS said in a report early this morning.

"Elevated to near-critical fire weather conditions are possible, in the afternoon and evening hours, for much of the area Wednesday into the weekend," the agency said.

Further north, thunderstorms are expected later today and tomorrow in parts of northeastern Minnesota and northwestern Wisconsin.

"The severe threat on Wednesday is conditional on the amount of instability that can be generated by the time the front arrives," the NWS said. "If enough instability develops, damaging winds up to 70 mph and large hail up to ping-pong ball size will be possible."

https://agriculture.com/

Source: agriculture.com  |  #grain   |  Comments: 0   Views: 3

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