"Breaking News: 3 Game-Changing Events Happening Today, June 29, 2024!"

 1. Soybeans, grain futures higher in overnight trading

Soybeans and grains were higher in overnight trading amid bad weather in the US and as investors adjusted positions ahead of a report from the US Department of Agriculture.

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Heat indices in parts of Oklahoma, Kansas and Texas will reach triple digits, threatening beans, corn and wheat in those regions.Extreme hot weather will continue into tomorrow in some areas of the three states, the National Weather Service said. 

Flooding is ongoing in parts of Iowa and Illinois, the largest producers of soybeans and corn in the US. Several waterways in Iowa including the Des Moines River, the east and west forks of the Des Moines River, and the Cedar River all overflowed.

Prices also rose ahead of today's report from the USDA, which is scheduled to release a report on acreage and grain stocks at noon in Washington. Analysts polled by Reuters expect the government to report corn stocks on June 1 at 4.783 billion bushels, which would be up from 4.103 billion bushels in storage on the same date a year earlier. 

Soybean supplies will likely reach 962 million bushels, up from 796 million bushels in the same period last year, and wheat stocks will probably reach 684 million bushels versus 570 million bushels a year earlier, according to a Reuters poll. 

Export sales were mixed, with wheat and corn increasing weekly and soybean sales decreasing. 

Wheat sales rose to 667,200 metric tons from 589,700 tons, and corn sales increased 6% week over week to 542,200 tons, the USDA said. Soybean sales this week reached 282,900 tons, down 49% from the previous week.

Soybeans for November delivery rose 7½¢ to $11.12¼ a bushel overnight on the Chicago Board of Trade, soybean meal rose $1 to $339.50 a ton and soybean oil rose 0.4¢ to 43.96¢ a pound. 

Corn futures for December delivery added 1¼¢ to $4.35 a bushel.

Wheat futures for September delivery rose 5¾¢ to $5.85¼ a bushel, and Kansas City futures rose 3¼¢ to $6 a bushel.

2. Canadian farmers cut wheat, corn, canola hectares

Canadian farmers are planting less wheat, corn and canola while increasing land dedicated to soybeans, according to a report from Statistics Canada (StatsCan).

Wheat area fell 1.1% to 26.6 million hectares, the agency said. Although lower on an annual basis, this figure is still far above the average of the previous five years. 

Farmers in Saskatchewan planted wheat on 14.2 million hectares. 

unchanged from the previous year, producers in Alberta planted 7.8 million hectares, down 1.6%, and farmers in Manitoba reduced land area by 1.4% to 3 .2 million hectares. 

Corn acreage in Canada fell 4.8% to 3.6 million hectares, StatsCan said. 

Producers in Ontario, which accounts for about 60% of all corn planted in the North American country, planted 2.2 million hectares, down 4.6% from the previous season. 

Canola seeding declined 0.3% from last year to 22 million hectares, the agency said. 

In Saskatchewan, where more than half the crop is grown, canola plantings fell 2.5% to 12.1 million hectares. Meanwhile, soybean acreage increased 2% to 5.7 million hectares this year, which was the highest level since 2018 and well above the previous five-year average. 

Farmers in Ontario, where most soybeans are grown, planted 3.1 million hectares with oilseeds, up 7.1% from 2023, StatsCan said in its report.

3. The heat index can reach 115° in Oklahoma

Extreme heat is expected in eastern Oklahoma and parts of Kansas and Texas, according to National Weather Service maps. 

The index is expected to reach 110° to 115° Fahrenheit this afternoon, the agency said in a report this morning. 

“Heat-related illnesses increase significantly during extreme heat and high humidity,”  

In east-central Kansas, the heat index is expected to reach 107°, and in north Texas the value will reach 109°, the agency said.

In northern Indiana, the storm is expected to bring heavy rain to the region. Northern Ohio may also experience severe weather tomorrow afternoon.

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