1. Corn Futures Higher Overnight on Ratings Cut

Corn futures were higher in overnight trading after a U.S. Department of Agriculture report showed the condition of the newly planted crop worsened.

About 71% of the corn crop was in good or excellent condition as of Sunday, down from 75% a week earlier, the USDA said in a report. Still, a year ago at this time 59% earned top ratings.

The crop is fully planted, and 95% has emerged and is growing, the agency said.

Soybean planting was 93% complete at the start of the week, ahead of the prior five-year average of 88%. Some 81% had emerged from the ground, up from the normal 75% for this time of year.

Seventy-two percent of the U.S. soybean crop was in good or excellent condition as of Sunday, unchanged from a week earlier, the USDA said.

U.S. spring wheat was 95% emerged and 4% was headed. About 81% was in good or excellent condition, down a percentage point from the previous week.

In the southern Plains, meanwhile, growers had collected 15% of the winter wheat crop, on par with the prior five-year average. Fifty percent of the crop earned top ratings, down from 51% a week earlier, the USDA said.

Corn futures for July delivery rose 3 1/4¢ to $3.32 ½ a bushel overnight on the Chicago Board of Trade.

Wheat futures for July delivery fell 1/4¢ to $5.04 ½ a bushel, while Kansas City futures added 3/4¢ to $4.46 ½ a bushel. 

Soybean futures gained 2 1/2¢ to $8.71 ½ a bushel overnight. Soymeal futures added 70¢ to $289.10 a short ton and soy oil rose 0.37¢ to 28.11 cents a pound.

2. Soybean Inspections For Export Rise Weekly, Grain Examinations Fall

Inspections of soybeans for overseas delivery improved week-to-week while grain assessments declined, according to the USDA.

Soybean inspections in the seven days that ended on June 11 came in at 376,323 metric tons, up from 274,052 tons a week earlier, the agency said in a report. The total, however, was down from the 680,370 tons examined during the same week a year earlier.

Assessments of corn for offshore delivery declined to 910,495 metric tons last week from 1.16 million tons at the same point in 2019. That was up from the 678,024 tons inspected at the same point last year.

Wheat examinations also declined, falling to 444,031 metric tons from 477,236 tons the previous week, but rising from the 382,670 tons inspected during the same week in 2019, the USDA said.

Since the start of the marketing year on Sept. 1, the government has inspected 36.1 million metric tons of soybeans for overseas delivery, up slightly from the 35.6 million metric tons assessed during the same period a year earlier.

Corn assessments since the start of September are now at 30.6 million, well below the 40.9 million tons examined at this point last year, the agency said.

Wheat inspections since the beginning of the grain’s marketing year on June 1 now stand at 657,501 metric tons, down from the 853,436 tons assessed during the same timeframe last year, the USDA said.

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3. Wind Advisory in Effect in Northern Plains While Fire Warnings Issued in Southern Plains

A wind advisory is in effect for parts of the northern Plains as gusts are expected to reach up to 50 miles an hour, according to the National Weather Service.

In parts of North Dakota, South Dakota and west-central Minnesota, winds will be sustained from 25 to 35 miles an hour, the NWS said in a report early this morning.  

“Gusty winds could blow around unsecured objects,” the agency said. “A few power outages are possible. Use extra caution when driving, especially if operating a high-profile vehicle.”

The warning lasts from noon central until 10 p.m.

Strong winds also are expected in parts of the southern Plains with gusts from 45 to 50 miles an hour, the NWS said.

Fire risks are elevated in southwestern Kansas today, and a red-flag warning has been issued for parts of eastern Colorado and a few counties in western Kansas and the Oklahoma panhandle, weather maps show.

In parts of eastern Colorado, southwest winds will be sustained from 15 to 25 miles an hour with gusts of up to 45 miles an hour. Relative humidity is pegged at about 7%, creating tinderbox-like conditions, the agency said.