1. Corn Futures Fall While Soybeans Rise Overnight

Corn futures were modestly lower in overnight trading while soybean futures rose.

Wheat was little changed.

Corn declined amid somewhat favorable weather in parts of the U.S. Midwest. Rain is expected in areas of the northern and southern Plains, giving crops a needed boost.

Weekend rains favored the Dakotas and eastern Canadian Prairies, Commodity Weather Group said in a report.

More rain is expected in parts of northern Minnesota as storms roll through the area today, the National Weather Service said. Rain also is expected in the next week inn the Tennessee Valley and Mid-Atlantic region.

Still, precipitation in the western Midwest will be limited in the next couple of weeks, but cool weather likely will limit crop stress, CWG said.

Soybeans were higher overnight as some of the recent rainfall in some growing areas dissipate.

Dry patches in the northern and eastern Midwest have narrowed due to recent rains but showers in the next six to 15 days will be limited to northwestern portions of the Corn Belt, the forecaster said.

About 90% of the U.S. corn crop was in the ground as of Sunday, up from the prior five-year average of 80%, and 64% had emerged from the ground, up from the 54% average for this time of the year, according to the Department of Agriculture.

Some 75% of soybeans were sown at the start of the week, up from the normal 54%, the USDA said; 41% of the crop had emerged, ahead of the 25% average.

Spring wheat was 94% planted, up from the average of 85%, and 66% had emerged as of Sunday, ahead of the normal 56%, the government said.

Winter wheat in the southern Plains and eastern Midwest was 67% headed at the start of the week, close to the prior five-year average of 69%. About 47% of the winter-wheat crop was in good or excellent condition, down from 48% a week earlier, the USDA said.

Corn futures for July delivery lost 3¢ to $6.54¼ a bushel overnight on the Chicago Board of Trade.

Soybean futures for July delivery rose 9¢ to $15.31¾ a bushel. Soymeal dropped $2.10 to $398.10 a short ton, while soy oil added 0.91¢ to 66.04¢ a pound.

Wheat futures for July delivery rose 1¢ to $6.63¼ a bushel overnight, while Kansas City futures gained ¼¢ to $6.15½ a bushel.

2. Export Inspections Last Week Declined Across the Board

Inspections of corn, wheat, and beans for overseas delivery all declined week-to-week, according to the USDA.

Corn assessments in the seven days that ended on May 20 were reported at 1.73 million metric tons, the agency said in a report.

That’s down from 1.98 million tons the previous week, but up from the 1.1 million tons examined during the same week a year earlier.

Wheat inspections last week totaled 573,912 metric tons, down from 660,298 tons the previous week but up from the 464,857 tons assessed at the same point in 2020.

Examinations of soybeans for offshore delivery declined to 193,912 metric tons from 310,408 tons a week earlier, the USDA said.

That’s also down from the 343,698 tons assessed during the same week last year, government data show.

Since the start of the marketing year on Sept. 1, the agency has inspected 48.9 million metric tons of corn for offshore delivery. That’s up from 27.5 million tons during the same time frame a year earlier.

Soybean assessments since the beginning of September are now at 56.2 million metric tons, up from 35.1 million tons at the same point in 2020, the government said.

Wheat inspections since the start of the grain’s marketing year on June 1 now stand at 24.9 million metric tons, up slightly from the 24.4 million tons examined during the same period last year, the USDA said in its report.

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3. Strong Winds and Thunderstorms Expected in the Northern Plains

Strong winds are expected in parts of the northern Plains today, which could result in downed trees or power outages, according to the National Weather Service.

West winds are forecast to be sustained from 25 to 35 mph with gusts up to 50 mph, the NWS said in a report early this morning.

The affected area includes much of western and central North Dakota where, according to the U.S. Drought Monitor, is suffering from some of the worst drought conditions in the Midwest. Rain has fallen in the Dakotas in the past week, bringing some much-needed relief to the area.

Farther east in northern Minnesota, meanwhile, thunderstorms are expected to fire up this afternoon with some turning severe, the NWS said.

“Damaging wind gusts to 60 mph and quarter-size hail will be possible with these storms,” the agency said.

In the southern Plains, thunderstorms are forecast for much of the Oklahoma and Texas panhandles today into tonight.

“A few storms may become severe with large hail and damaging winds the main threats,” the agency said. “A tornado is also possible.”