Time: 2024-07-09
Soybean futures took a hit in overnight trading as the condition of the U.S. crop surprisingly improved . The Department of Agriculture reported that 68 % of U.S. beans were in good or excellent condition , up from 67 % the previous week . Analysts were expecting the ratings to remain unchanged . Moreover , the percentage of the crop setting pods increased to 9 % , compared to 3 % the week before and the average of 5 % . Additionally , 34 % of the crop was blooming , a significant increase from 20 % the previous week and the average of 28 % . Corn crop ratings also saw an improvement , with 68 % of the U.S. crop earning top ratings , up from 67 % the week before . The percentage of the crop in the dough stage also increased to 3 % , from the prior average of 2%.
In a report by the USDA , it was stated that inspections of corn and wheat for export showed improvement week to week . Corn inspections reported at 1.02 million metric tons in the seven days ending on July 4 , a significant increase from the previous week . Wheat assessments also saw a modest increase , totaling 341,005 tons . However , soybean assessments for offshore delivery declined to 273,321 tons . Since the start of the marketing year , USDA has inspected 43.5 million metric tons of corn for export and 41.8 million tons of soybeans . Wheat inspections since the start of the 2024 - 2025 marketing year on June 1 are at 1.73 million metric tons , showing an increase from the previous year.
As the remnants of Hurricane Beryl move north , flood watches and warnings have been issued for a large area extending from central Arkansas to eastern Michigan . The National Weather Service has forecast flash flooding for parts of southeastern Missouri , southern Illinois , southwestern Indiana , and northern Kentucky . Excessive rainfall may lead to flooding of rivers , creeks , streams , and low - lying areas . Some regions in northern Indiana and southern Michigan are expected to receive 2 to 4 inches of rain , with the possibility of up to 6 inches of precipitation.
Overall , the agricultural sector is experiencing fluctuations in crop conditions and export inspections while also bracing for the impact of extreme weather events like Hurricane Beryl . These factors will continue to influence the grain market as we move towards 2024.
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