1. Corn Higher, Soybeans Lower in Overnight Trading

Corn futures were higher in overnight trading after crop conditions declined.

About 71% of the U.S. corn crop was in good or excellent condition as of Sunday, down from 72% a week earlier, according to the Department of Agriculture. That’s still well above the 57% that earned top ratings during the same week last year.

The percentage was on par with expectations; 11% of the crop was dented, 59% was in the dough stage, and silking was all but complete at the start of the week, the USDA said.

Soybeans, meanwhile, were lower overnight after conditions unexpectedly improved.

The U.S. soybean crop was 74% good or excellent as of Sunday, up from 73% a week earlier, topping expectations for a 1 percentage point decline.

About 75% was setting pods and 92% was setting pods.

Prices likely will be volatile as traders also may be taking positions ahead of tomorrow’s World Agricultural Supply and Demand Estimates (WASDE) report.

Corn futures for December delivery rose 2¼¢ to $3.25¼ a bushel overnight on the Chicago Board of Trade.

Soybean futures for December delivery fell 1¾¢ to $8.71½ a bushel. Soymeal lost 10¢ to $289.50 a short ton, and soy oil dropped 0.23¢ to 30.52¢ a pound.

Wheat futures for September delivery gained 3½¢ to $5.03¼ a bushel overnight while Kansas City futures added 2¾¢ to $4.16¾ a bushel.

2. Export Inspections of Soybeans and Corn Rise Week-to-Week

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

Soybean inspections in the seven days that ended on Aug. 6 were reported at 635,665 metric tons, up from 557,607 tons a week earlier, the agency said in a report.

The total was, however, down from the 944,872 tons examined during the same week last year.

Assessments of corn for offshore delivery came in at 1.15 million metric tons, up from 726,657 tons the previous week and 731,186 tons at the same time in 2019.

Wheat inspections declined week-to-week, falling to 379,949 tons from 556,154 tons, the USDA said. That’s also down from the 710,709 tons examined during the same week a year earlier.

Since the start of the marketing year on Sept. 1, the government has inspected 40 million metric tons of soybeans for overseas delivery, the agency said. That’s down from 42.3 million tons during the same period last year.

Corn inspections since the beginning of September now stand at 39.1 million metric tons, well below the 45.7 million tons assessed a year earlier.

Wheat assessments since the start of the grain’s marketing year on June 1 are now at 5.07 million metric tons, up from 4.96 million tons at this point in 2019, the USDA said.

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3. Scattered Thunderstorms Possible in Parts of Western Iowa, Central Indiana

Scattered storms are expected in parts of western Iowa tonight with some becoming severe, according to the National Weather Service.

Hail and strong winds are associated with some of the storms, the NWS said in a report early this morning. The chances of showers continue for the rest of the week in the area.

The storms the rest of the week follow heavy winds from a so-called derecho that flattened trees in the Midwest with wind gusts topping out at about 90 mph in central Iowa, the NWS said Monday. Strong winds also were seen in Illinois, Indiana, and southern Michigan.

Farther east, thunderstorms also are possible in parts of central Indiana, which likely will last the rest of the week, the agency said. Lightning and heavy rain are possible at times starting tonight.

“Thunderstorms are possible at times over all or parts of the area through Sunday,” the NWS said. “Lightning and heavy rain are possible with any thunderstorm. A front will linger in the area through the week, keeping chances for thunderstorms in the forecast.”