1. WHEAT FALLS ON MOSTLY FAVORABLE NORTHERN PLAINS CROP CONDITIONS
Wheat futures dropped in overnight trading amid mostly favorable crop conditions in the northern Plains where spring varieties are growing.
The U.S. spring wheat crop was rated 68% good or excellent as of July 19, according to the Department of Agriculture. The agency will update its progress report this afternoon.
In North Dakota, the largest producer of spring wheat in the U.S., 62% of the crop earned top ratings, the USDA said.
Moderate weather is expected in the northern Plains this week, though little rain is in the forecast, according to Accuweather.com. The best chances for rain in the next week to 10 days will be the coming weekend, the forecaster said.
About 52% of North Dakota is facing only abnormally dry or moderate drought conditions, according to the U.S. Drought Monitor.
Wheat futures for September delivery plunged 7¢ to $5.32¼ a bushel overnight on the Chicago Board of Trade while Kansas City futures fell 4½¢ to $4.45 a bushel.
Corn futures for December delivery gained 1¼¢ to $3.36¼ a bushel.
Soybean futures for December delivery rose 1¼¢ to $9.00½ a bushel overnight. Soymeal added $1.60 to $300.20 a short ton, and soy oil dropped 0.28¢ to 30.09¢ a pound.**
2. SPECULATORS INCREASE BEARISH BETS ON CORN BUT MORE BULLISH ON BEANS
Money managers increased their net-short positions, or bets on lower prices, in corn last week while raising their bullish bets on soybeans, according to the Commodity Futures Trading Commission.
Investors in the seven days that ended on July 21 held a net-short position of 155,676 corn futures contracts, the CFTC said in a report. That’s up from 148,786 contracts a week earlier and was the largest bearish position for July.
Speculators, however, increased their net-long positions, or bets on higher prices, in soybeans to 73,109 futures contracts, up from 63,678 contracts a week earlier, the agency said.
Investors seem to be weighing strong demand for U.S. agricultural products, mostly from China, against lofty crop ratings and rainfall in parts of the Corn Belt.
In wheat, money managers turned bullish on soft-red winter contracts, holding a net-long position of 2,628 futures contracts as of July 21.
That’s a shift from a net-short position of 6,517 contracts and the first time investors have been bullish on the grain since the week that ended on May 12, according to the CFTC.
Speculators were less bearish on hard-red winter wheat, lowering their net-short positions to 19,746 futures contracts from 25,263 contracts a week earlier, the agency said.
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3. FLOODING POSSIBLE IN SOUTHERN PLAINS AS STORMS EXPECTED TO LAST ALL WEEK
Flood watches have been issued for the western half of Oklahoma and the entire Texas panhandle as heavy rain falls in the area, according to the National Weather Service.
Areas that receive rain will get several inches in a short amount of time, potentially leading to localized flooding, the NWS said in a report early Monday.
“Chances for showers and storms increase overall and begin to shift southward Monday afternoon,” the agency said.
Read Also : Beetroot Farming: Planting, Growing and Harvesting,https://greenstories.co.in/beetroot-farming/
In southern Kansas, meanwhile, storms are forecast to be scattered with locally intense rainfall that also may lead to flooding in some areas. Strong winds also are likely, the NWS said.
The storms in the region probably will continue throughout the week, which could lead to flooding along area rivers and streams as soils become saturated, the agency said.
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