(Agriculture.com) – CORN, SOYBEANS BIT LOWER OVERNIGHT AMID FORECASTS FOR WEEKEND RAIN
Corn and soybeans were slightly lower in overnight trading as storms are forecast for parts of Nebraska and Iowa that could bring precipitation, though showers will be variable as they have been for much of the growing season.
Thunderstorms in much of eastern Nebraska and southwest Iowa will be “isolated to scattered” today and tomorrow. The chance of storms will continue for much of the area through the weekend, according to the National Weather Service.
Precipitation in the region has been off and on this year, which has made it difficult for growers, analysts, and traders to get a solid read on how big the corn and bean crops will be this year. The crop tour that went through the Midwest this week confirmed what people already knew – that crops look good in some areas but not so good in others.
Corn futures for December delivery fell 1¼¢ to $3.55 a bushel overnight on the Chicago Board of Trade.
Soybean futures for November delivery lost 3¼¢ to $9.43¼ a bushel overnight. Soy meal added 30¢ to $301.20 a short ton, and soy oil futures declined 0.30¢ to 34.83¢ a pound.
Wheat for December delivery gained 1¾¢ to $4.36¼ a bushel in Chicago. Kansas City futures rose 1½¢ to $4.34¾ a bushel.
CROP TOUR SEES YIELDS IN IOWA, MINNESOTA DECLINE YEAR OVER YEAR AMID DROUGHT IN SOME AREAS
Corn yields in Iowa and Minnesota are expected to be lower year over year – though only slightly in the latter – as some parts of the states lacked precipitation for much of the growing season.
In Iowa, yields were pegged by the Farm Journal Pro Crop Tour at 179.8 bushels an acre, behind the three-year average estimate for 182.4 bushels. That’s well below last year’s 203 bushels an acre, according to the USDA.
Soybean pods in a 3×3-foot area were reported at 1,092.9, well below the three-year average of 1,205.7, according to tour results.
Much of southern Iowa is suffering from drought conditions. A chunk of land in the south-central part of the state, in fact, is under an extreme drought, the second-worst rating from the U.S. Drought Monitor, which indicates major crop losses and widespread water shortages.
In Minnesota, corn yields were pegged at 191.54 bushels an acre. That’s well above the prior three-year average of 181.32, according to the tour. Still, it’s below last year’s actual yield of 193 bushels an acre, the USDA said.
Soybean pods in a 3×-foot area totaled 1,020 in Minnesota, down from the three-year average of 1,086.1, data from the tour show.
HARVEY OFFICIALLY REACHES HURRICANE STATUS AS LANDFALL EXPECTED IN NEXT 24 HOURS
Harvey has officially been upgraded to a hurricane as of 4 a.m. Friday morning, and it will strike land sometime late tonight or very early tomorrow along the Texas Gulf Coast.
The storm currently has maximum sustained winds of 105 mph, and it’s still strengthening as of this morning, according to the National Hurricane Center. The storm is moving northwest at 9 mph.
Hurricane, tropical storm, storm surge, and flash flood warnings are all in effect for several counties stretching from the Gulf Coast inland to San Antonio, National Weather Service data show.
One of the biggest threats is that the storm will stall once hitting land, bringing rain and extreme flooding to parts of Texas, forecasters said.
