1. Soybeans Higher Overnight on Strong Demand

Soybeans were higher in overnight trading on strong demand for supplies in the 2020-2021 marketing year.

Sales of soybeans have been weaker than expected in the past week as the U.S. Department of Agriculture’s last export sales report was last Friday.

While old-crop sales were down week-to-week, new-crop sales jumped to 1.38 million metric tons last week, the USDA said.

The strong sales are a sign of underlying demand for U.S. supplies. Between old-crop and new-crop soybeans, China purchased more than 1.35 million metric tons from U.S. inventories last week.

Even wheat, which was down 4% heading into the end of the week, was higher in overnight trading.

Soybean futures rose 3 1/4¢ to $8.76 ¼ a bushel overnight on the Chicago Board of Trade. Soymeal futures were unchanged at $288.60 a short ton and soy oil gained 0.55¢ to 28.61 cents a pound.

Corn futures for July delivery rose 1 1/2¢ to $3.32 ½ a bushel overnight.

Wheat futures for July delivery gained 3/4¢ to $4.84 1/4 a bushel, while Kansas City futures added 2 3/4¢ to $4.39 ½ a bushel. 

2. Export Sales of Corn Plunges Week-to-Week, New-Crop Soybean Sales Strong

Sales of old-crop corn and soybeans for offshore delivery plunged in the seven days that ended on June 11, while new-crop bean sales were impressive, according to the USDA.

Corn sales last week were reported at 357,800 metric tons, down 46% from the previous week and 45% from the prior four-week average, the agency said in a report.

An unnamed country was the big buyer at 81,700 metric tons, followed by South Korea at 72,600 tons and Guatemala at 50,300 tons. Mexico bought 47,400 tons and Venezuela purchased 42,900 tons.

For the 2020-2021 marketing year that starts on Sept. 1, sales came in at 114,800 metric tons as Guatemala bought 74,800 tons, Jamaica took 20,700 tons, Canada purchased 10,200 tons, Japan was in for 8,000 tons and Nicaragua bought 2,000 tons.

Soybean sales totaled 538,100 metric tons, down 46% weekly and 36% from the average, the USDA said.

China bought 320,000 metric tons, Egypt was in for 100,800 tons, an unnamed buyer purchased 32,000 tons, Taiwan took 23,300 tons and Lebanon bought 19,400 tons.

For 2020-2021, sales were reported at 1.38 million metric tons.

China purchased the bulk of the soybeans, taking 1.03 million metric tons. An unknown buyer took 253,000 tons, Mexico was in for 74,000 tons and Taiwan bought 18,000 tons.

Wheat sales last week – the first full week of the 2020-2021 marketing year that started on June 1 – were reported at 504,800 tons. Guatemala led all buyers with 128,500 metric tons, Mexico bought 102,200 tons, Sri Lanka was in for 65,000 tons, Nigeria took 60,000 tons and Honduras was in for 40,500 tons, the USDA said.

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3. Thunderstorms Forecast in Nebraska, Iowa, Missouri, Illinois Today and Into the Weekend

Scattered thunderstorms are forecast for parts of eastern Nebraska and western Iowa, mostly south of Interstate 80, today and tonight, according to the National Weather Service.

The storms aren’t expected to be severe but locally heavy rain may occur, the NWS said in a report this morning.

Storms are possible for each day through next Thursday, and the agency is forecasting some risk of severe weather over the weekend that includes hail or strong winds.

Further south in central Missouri and Illinois, there’s a chance of thunderstorms tonight, also kicking off about a week of potential storms, the NWS said.

Some of the storms may be strong tomorrow, the agency said.