Corn Yields in Nebraska, Indiana Down From Last Year

(Agriculture.com) –  SOYBEANS HIGHER AS BARGAIN HUNTERS ENTER MARKET, WEAKER DOLLAR BOOSTS APPEAL

Soybeans were higher in overnight trading as bargain hunters come seeking contracts and the dollar declines, boosting prospects for exports.

Soybean futures in Chicago are under $9.50, what many consider well below fair value and well below the psychological $10 mark, bringing bargain hunters wary of equities, according to analysts.

The price also may be increasing as the dollar declined 0.2% overnight, boosting buying power for overseas importers. The value of the greenback has been fluctuating recently, but has been hovering near the lowest level since January 2015.

A weaker dollar gives exporters optimism that buyer will seek supplies of beans, corn, and wheat from the U.S.

Soybean futures for November delivery rose 5½¢ to $9.43 a bushel overnight on the Chicago Board of Trade. Soy meal fell 50¢ to $298.20 a short ton, and soy oil futures added 0.68¢ to 35.10¢ a pound.

Corn futures for December delivery were unchanged at $3.60 a bushel in Chicago.

Wheat for December delivery rose 1¼¢ to $4.30¼ a bushel in Chicago. Kansas City futures gained a penny to $4.28 a bushel.

CORN YIELDS IN NEBRASKA, INDIANA BOTH EXPECTED BELOW LAST YEAR

Corn yields in both Nebraska and Indiana will be below last year, as dry spots on some areas and excessive rain in others curbs output, according to the Farm Journal Crop Tour rolling through the Midwest this week.

The Nebraska corn crop was pegged by participants on the tour at 165.4 bushels an acre. The Nebraska crop last year averaged 178 bushels an acre, according to data from the USDA.

Soybean pods in a 3×3-foot area were reported at 1,131 in the state, down from the three-year average of 1,182.1, according to the tour.

Participants noted that both irrigated and dryland corn were good – but not great. Weather in Nebraska varied, like much of the country, depending on the county. The driest areas have been mostly in the north, while southeastern areas have received the most rain.

In Indiana, corn yields were forecast at 171.2 bushels an acre, according to scouts, down from last year’s average of 173 bushels an acre.

Soybean pods in a 3×3-foot area were reported at 1,168.8, just higher than the prior three-year average of 1,164.1, according to participants.

Indiana has received a lot of rain this year, in some counties much more than needed.

The crop tour moves on today with scouts covering Iowa and Illinois before releasing final numbers on Thursday.

FLOOD WARNINGS STILL IN EFFECT FOR SMALL AREA ALONG KANSAS-MISSOURI BORDER

Flood warnings are in effect for several rivers along the Kansas-Missouri border again this morning, though the scope of the threats have greatly diminished since yesterday.

Three waterways – Lamine River, Saline Creek and Stranger Creek – are still under a flood warning as all three are topping their banks, according to the National Weather Service. Low-lying areas including farmland and some roads are flooded or under threat of flooding, the agency said.

Farther east, crop scouts heading into Iowa and Illinois should expect sunny skies, though temperatures this morning are in the mid-50s. They will warm up to near 80˚F. this afternoon, according to the NWS.