1. Soybean, Grain Futures Higher in Overnight Trading

Soybeans and grains were higher in overnight trading after a government report showed crop conditions declined week-to-week.

About 69% of the U.S. soybean crop was rated good or excellent as of Sunday, down from 72% a week earlier, according to the Department of Agriculture. Analysts had expected 70% to have earned top ratings, according to researcher Allendale.

The USDA said 4% of the crop was dropping leaves at the start of the week and 92% were setting pods.

Some 64% of the corn crop was rated good or excellent as of Sunday, down from 69% a week earlier. Analysts expected 67% to earn top ratings: 5% of U.S. corn was mature as of Sunday, 44% was dented, and 88% was in the dough stage, the government said in its report.

Spring wheat was rated 71% good or excellent, up from 70% last week, according to the USDA. Analysts had expected the rating to be unchanged.

Heat indexes are forecast to top 100°F. in several states including parts of Iowa and Illinois today, according to the National Weather Service.

Soybean futures for November delivery rose 9¢ to $9.14¾ a bushel overnight on the Chicago Board of Trade. Soymeal gained $4.70 to $301.70 a short ton, and soy oil fell 0.1¢ to 31.85¢ a pound.

Corn futures for December delivery added 6½¢ to $3.51½ a bushel.

Wheat futures for September delivery gained 4¾¢ to $5.32½ a bushel, while Kansas City futures rose 4¾¢ to $4.51 a bushel.

2. Export Inspections of Corn Decline While Wheat and Beans Increase

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

Corn inspections in the seven days that ended on Aug. 20 were reported at 892,031 metric tons, down from 1.08 million a week earlier, the agency said. The total was still higher than the 646,439 tons inspected during the same week last year.

Wheat assessments, meanwhile, rose to 569,593 metric tons from 494,680 tons a week earlier. That was up from the 518,574 tons examined during the same week in 2019, the USDA said.

Inspections of soybeans also increased, rising to 1.15 million metric tons from 924,486 tons the previous week. That’s also up from the 965,913 tons assessed during the same week the previous year.

Since the start of the marketing year on Sept. 1, the USDA inspected 41.3 million metric tons of corn for offshore delivery, down from 46.8 million tons during the same period a year earlier.

Soybean examinations since the start of September totaled 42.2 million metric tons, down from 44.5 million the previous year, the agency said.

Wheat inspections since the start of the grain’s marketing year on June 1 are now at 6.23 million metric tons, up from 6.04 million tons examined during the same time frame last year.

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3. Hot Weather Expected Again in North-Central Midwest; Warnings Issued Along Gulf Coast

Heat advisories have again been issued for this afternoon in most of South Dakota, southern Minnesota, western Wisconsin, eastern Iowa, and western Illinois, according to the National Weather Service.

In South Dakota, where heat advisories will be in effect from 1 p.m. to 8 p.m. CT, heat indexes are expected to be around 105°F., the NWS said in a report early this morning.

In eastern Iowa and western Illinois, indexes are pegged from 100°F. to 103°F. this afternoon. Those working outside are advised to limit activity to the morning or late evening, and to drink plenty of fluids.

“Hot temperatures and high humidity may cause heat illnesses to occur,” the agency said.

Along the Texas and Louisiana Gulf Coast, meanwhile, hurricane warnings, tropical storm warnings, and storm surge watches are in effect as Tropical Depression Marco makes landfall.

Tropical Storm Laura isn’t far behind and is forecast to strengthen into a hurricane today, the NWS said. Laura is expected to make landfall late Wednesday or very early Thursday. The storm’s winds are now at 65 mph, and Laura is moving west-northwest at 17 mph.

As of this morning, the storm is about 680 miles southeast of Lake Charles, Louisiana.