Grain and soybean futures were little changed ahead of a shortened week as traders digest a flurry of reports released Friday. 

Markets will be closed Wednesday in observance of the Fourth of July.

The U.S. Department of Agriculture on Friday released its acreage, quarterly grain stocks and agricultural prices reports.

Corn acreage in 2024 is estimated to fall 3% year over year to 91.5 million acres, soybean area was expected to rise 3% to 86.1 million acres and wheat plantings were forecast to drop 5% to 47.2 million acres, USDA said. 

Winter wheat area was projected at 33.8 million acres, down 8% on an annual basis. Spring wheat acreage was seen at 11.3 million, up 1% from 2023, the agency said. 

In its quarterly grain stocks report, the government said corn, soybean and wheat inventories all jumped year over year.

Corn stocks in all positions on June 1 were reported at 4.99 billion bushels, up 22% from the same date a year earlier, USDA said. 

Soybean inventories totaled 970 million bushels, a 22% increase from June 1, 2023. 

Wheat stockpiles at the start of last month came in at 702 million bushels, up 23% year over year, the agency said. 

Corn futures for December delivery fell 1¢ to $4.19 3/4 a bushel overnight on the Chicago Board of Trade.

Soybeans for November delivery lost 1 3/4¢ to $11.02 1/4 a bushel, soymeal dropped $2.80 to $332.70 a short ton and soy oil was up 0.82¢ to 44.61¢ a pound. 

Wheat futures for September delivery gained 2 1/4¢ to $5.75 3/4 a bushel, and Kansas City futures rose 1/4¢ to $5.86 1/2 a bushel. 

2. Prices received up monthly, plunge annually

The amount farmers received for their goods rose month to month but fell on an annual basis, the Ag Department said in a report. 

The prices received index for May rose 0.9% from April but fell 2.7% from May 2023, USDA said. 

Prices received for crop production rose 1.8% from the previous month but plunged 15% year over year. The grain and oilseed index gained 0.5% from April but was down 25% annually. 

Feed grain prices received rose 2.2% and food grain added 2.1% monthly but were down 31% and 19% year over year, the agency said. Oilseed prices received rose 1.1% from April but were down 16% from May 2023. 

The prices paid index -- the amount producers will pay for items such as commodities, services, interest, taxes and wage rates -- were down 0.2% from May and 0.2% from the same month a year earlier, USDA said in its report. 

3. More triple-digit heat expected in central U.S. 

Triple-digit heat indexes are forecast for much of the central U.S. and along the Gulf Coast today and tonight, according to the National Weather Service.

Excessive heat warnings and heat advisories have been issued for a large chunk of land stretching from northern Kansas to the Texas Gulf Coast, and east into east-central Georgia, weather maps show. 

In eastern Oklahoma, excessive heat warnings will run from noon to 9 p.m., NWS said early this morning. 

Indexes are expected to range from 110 to 115 degrees Fahrenheit this afternoon. 

"The combination of hot temperatures and high humidity will create a dangerous situation in which heat related illnesses are more likely," the agency said. 

Parts of Louisiana are forecast to hit 115 degrees this afternoon, NWS said. 

Anybody working outside in the affected areas are advised to drink fluids, stay out of the sun and retreat to air-conditioning when possible.