1. Corn Futures Decline on Promising Tour Results

Corn futures were lower in overnight trading after the Pro Farmer Midwest Crop Tour indicated strong yields in parts of South Dakota and Ohio.

The potential corn yield in parts of South Dakota was reported at about 184.6 bushels an acre, up from last year’s expected 152.8 bushels an acre and the three-year average for the first day of 164.4 bushels an acre, according to a Reuters report.

On a separate leg of the tour in South Dakota, the average potential yield was at 159.3 bushels an acre.

In Ohio, meanwhile, the potential yield was pegged at about 170 bushels an acre.

Traders seemed to be focused overnight on the crop tour results instead of the weekly crop progress report that showed conditions declined.

The U.S. corn crop was rated 69% good or excellent as of Sunday, down from the previous week’s 71%, according to the Department of Agriculture. At this point last year, 56% of the crop had earned top ratings.

About 23% of the crop was dented and 76% was in the dough stage.

Soybeans were rated 72% good or excellent at the start of the week, down from 74% seven days earlier, but well above the 53% that earned top ratings during the same week last year, the USDA said.

Some 54% of the crop was setting pods and 96% was blooming, the agency said.

Seventy percent of the U.S. spring wheat crop was rated good or excellent as of Sunday, up one percentage point week-to-week. About 30% was harvested versus the usual 43% for this time of year.

Corn futures for December delivery dropped 1 1/2¢ to $3.43 ¼ a bushel overnight on the Chicago Board of Trade. 

Soybean futures for November delivery fell 2 3/4¢ to $9.12 ½ a bushel. Soymeal lost $2 to $303.10 a short ton and soy oil rose 0.23¢ to 31.76¢ a pound.

Wheat futures for September delivery were down 4¢ to $5.22 ¼ a bushel overnight while Kansas City futures lost 3 3/4¢ to $4.44 ¾ a bushel.

2. Export Inspections of Corn and Wheat Decline Week-to-Week

Inspections of corn and wheat for offshore delivery declined week-to-week while soybean assessments were little changed.

Corn inspections in the seven days that ended on Aug. 13 were reported at 1.04 million metric tons, down from 1.29 million a week earlier, the USDA said in a report.

That’s still more than double the 510,334 tons assessed during the same week last year.

Examinations of wheat for overseas delivery fell to 461,699 metric tons from 476,698 tons the previous week, the government said.

During the same week in 2019, the USDA inspected 564,632 tons of the grain for export.

Soybean inspections, meanwhile, were little changed at 785,075 metric tons. That compares with the 785,586 tons inspected the previous week and the 1.16 million tons examined at the same point last year, the agency said.

Since the start of the marketing year on Sept. 1, the USDA inspected 40.3 million metric tons of corn for offshore delivery, down from the 46.2 million tons assessed during the same period the previous year.

Soybean assessments from Sept. 1 through Aug. 13 were reported at 41 million metric tons, down from 43.5 million tons in the same timeframe a year earlier.

Wheat inspections since the grain’s marketing year started on June 1 are now at 5.63 million metric tons, up from the 5.52 million tons assessed during the same period in 2019, the USDA said.

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3. Scattered Thunderstorms Forecast For Parts of North Dakota Tuesday

Widely scattered thunderstorms are expected in much of North Dakota this afternoon with some turning severe, according to the National Weather Service.

Small hail is forecast on the North Dakota side of the Red River Valley, the NWS said in a report early this morning. Chances for precipitation continue through Thursday, though it’s unclear whether any severe storms will form.

Isolated thunderstorms are possibly tonight in eastern Nebraska and western Iowa, though severe weather isn’t expected. More storms are possible in the area, but not until later in the week, the agency said.

In western Nebraska, storms are possible this morning and afternoon, which may contain large hail, the NWS said.

“This afternoon if any storm reaches severe limits, wind would be the main factor,” the agency said.