Wheat Market Insights: Soybean Prices Drop, Red Meat Stockpiles Decline

Grain futures were in motion as Soybean prices fell due to weak demand and favorable weather . Soybean futures were lower in overnight trading , with sales to overseas buyers dropping significantly . The USDA reported that sales of soybeans in the week ending on July 18 were down 61 % from the previous week . The Netherlands , Indonesia , and Japan were among the countries that purchased U.S. beans . Corn and wheat sales were also affected , with totals decreasing from the previous week . Japan , Mexico , and South Korea were some of the main buyers of corn , while South Korea , Nigeria , and Japan purchased large quantities of wheat . Soybean futures for November delivery fell to 0.72 a bushel on the Chicago Board of Trade.

In contrast , red meat stockpiles in cold storage saw a decline at the end of June . Total supplies fell 2 % from the previous month , with beef inventories down 3 % . Pork stockpiles also decreased by 2 % from the previous month and 3 % year - over - year . Ham in storage increased by 15 % from the month earlier , while bellies decreased by 16 % month - to - month . Rib supplies also dropped by 17 % from May 31 . Other red meat supplies , mostly veal and lamb , rose by 1 % monthly , according to the USDA.

The Nebraska Panhandle is facing dry weather conditions , with red flag warnings issued due to low humidity and intense winds . The National Weather Service predicts relative humidity as low as 20 % and sustained winds of 20 to 30 mph , gusting up to 35 mph . Dry lightning is expected with storms , along with an air quality alert due to smoke from wildfires in the Pacific Northwest and Canada moving into the area . Meanwhile , heat indexes in eastern North Dakota and western Minnesota are expected to reach about 99F , potentially causing heat illness.

In terms of drought conditions , no counties in Iowa are currently experiencing abnormally dry or drought conditions , while only 2.3 % of Illinois is seeing abnormally dry areas . This is a significant improvement from the start of the year when 97 % of Iowa and 12 % of Illinois were facing dry or drought conditions , according to the U.S. Drought Monitor . Iowa and Illinois are the two largest producers of corn and soybeans in the U.S. , highlighting the importance of weather conditions for agricultural production.