1. Soybeans Surge in Overnight Trading as Conditions Fall

Soybeans jumped in overnight trading after a sharp decline in crop conditions.

About 62% of the U.S. soybean crop was in good or excellent condition on Sunday, down from 67% a week earlier, the Department of Agriculture said in a report.

That’s also down from the 72% posted during the same week last year, according to the government.

Some 94% of the crop was planted at the start of the week, ahead of the prior five-year average of 88%, and 86% had emerged, in front of the normal 74% for this time of year, the agency said.

Corn was modestly lower overnight despite a decline in crop conditions.

Some 68% of the U.S. corn crop was in good or excellent condition as of Sunday, down from 72% a week earlier and 71% at the same point last year, the USDA said.

About 96% of the crop had emerged at the start of the week.

Wheat futures, meanwhile, plunged as harvest begins in the U.S. Plains, though collection is well behind the average pace.

Only 4% of the U.S. winter-wheat crop was collected as of Sunday, down from the normal 15% for this time of year, the government said. None of the wheat in Kansas, the biggest producer of the grain, had been collected at the start of the week. Normally, 7% of the crop has been collected by now.

Soybean futures for July delivery jumped 9½¢ to $14.81¾ a bushel overnight on the Chicago Board of Trade. Soymeal rose 40¢ to $374.30 a short ton, while soy oil added 0.96¢ to 66.92¢ a pound.

Corn futures for July delivery fell 2¼¢ to $6.57 a bushel.

Wheat futures for July delivery lost 13¼¢ to $6.61¼ a bushel, while Kansas City futures fell 14½¢ to $6.13½ a bushel overnight.

2. Export Inspections of Corn Rise Week-to-Week, USDA Says

Inspections of corn for overseas delivery improved week-to-week while wheat and bean assessments declined, according to the USDA.

Corn inspections in the seven days that ended on June 10 totaled 1.54 million metric tons, up from 1.43 tons the previous week, the agency said in a report.

That’s also up from the 921,649 metric tons assessed during the same week last year.

Wheat assessments last week were reported at 480,341 metric tons, down from 493,638 tons the previous week. It was also down from the 564,062 tons examined at the same time in 2020.

Soybean inspections came in at 128,092 metric tons, down from 239,384 tons a week earlier and the 435,469 tons examined a year earlier, the USDA said.

Demand so far this year has been strong for corn and beans.

Since the start of the 2020-2021 marketing year on Sept. 1, the government has inspected 54 million metric tons of corn for offshore delivery, the agency said. That’s up from 30.8 million tons during the same time frame a year earlier.

The agency has examined 56.8 million metric tons of soybeans for export since the beginning of September, well above the 36.2 million tons assessed during the same period last year.

Wheat inspections since June 1, the beginning of the grain’s 2021-2022 marketing year, were reported at 673,329 metric tons, behind the 799,558 tons inspected during the first 10 days of the previous year, the USDA said in its report.

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3. Hot Weather Expected in Parts of Montana and Wyoming Tuesday

Extremely hot weather is expected today in almost all of Montana and the northeastern corner of Wyoming, according to the National Weather Service.

In central and southern Montana, highs of up to 109°F. are forecast for this afternoon, the NWS said in a report early this morning. Temperatures likely will hit a record high today.

“Extreme heat will significantly increase the potential for heat-related illnesses, particularly for those working (outside) or participation in outdoor activities,” the agency said.

Hot weather also is forecast in parts of western Missouri and southeastern Kansas this afternoon.

Heat indexes are expected to be in the upper 90s this afternoon. The extremely hot weather is forecast to continue through at least Friday, the NWS said.