Grains and soybean futures were higher overnight. USDA raises its outlook for Australian wheat output. Extreme heat expected in Oklahoma, Arkansas.
1. Grain, bean futures higher in overnight trading
Grains and soybeans experienced a rise in overnight trading due to increased weekly ethanol production and concerns about crop status in exporting countries. The output of ethanol averaged 1.072 million barrels per day, up from 1.067 million barrels the previous week.
2. USDA raises Australian wheat forecast
The USDA forecasts Australian wheat production in the 2024-2025 marketing year at 29 million metric tons, which is an increase from 26 million tons last year. Eastern Australian states received ample rainfall while Western Australia experienced insufficient rain, impacting production quality.
3. Triple digits forecast for Oklahoma, Arkansas
Extreme heat is expected in Oklahoma and Arkansas, with heat indexes potentially reaching as high as 113 degrees Fahrenheit in parts of Arkansas. National Weather Service cautions those outdoors to limit exposure to the heat, especially as severe storms are also forecast.
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