1. SOYBEAN AND CORN FUTURES HIGHER IN OVERNIGHT TRADING
Soybeans were higher in overnight trading as the harvest in Brazil is behind its year-earlier pace.
Brazil’s soybean harvest was 78% complete as of Thursday, down from 83% at the same point last year, according to AgRural.
Crop collection in Mato Grosso, the biggest producing state in the South American country, is pretty much finished with few quality problems reported, a Brazilian agricultural consultancy said, which likely kept a lid on price gains in the overnight session.
AgRural said the corn crop wasn’t planted in its ideal window due to the slow pace of the soybean harvest, so the timing of any precipitation is critical.
Moisture levels in growing states in Brazil are favorable with more rain expected this week, the firm’s statement said.
Brazilian producers likely will collect 133 million metric tons of soybeans this year, the consultancy said in its report. The country’s second corn crop, which makes up 75% of total corn production, is pegged at 80.1 million metric tons, AgRural said.
The U.S. Department of Agriculture said last month that it expects Brazilian soybean production of 134 million metric tons, an increase from 128.5 million tons a year earlier.
In the U.S., 2% of the corn crop was planted as of Sunday, the USDA said in its first national crop progress report of the year.
About 55% was planted in Texas, 2% was sown in Kansas, and 1% was seeded in Missouri, the agency said in its report.
The winter-wheat crop in the U.S. was rated 53% good or excellent, down from 62% at the same point in 2020. About 4% of the crop was headed, the Agriculture Department said.
Soybean futures for May delivery rose 7¾¢ to $14.20½ a bushel overnight on the Chicago Board of Trade. Soymeal gained $3.40 to $409.70 a short ton, and soy oil gained 0.58¢ to 53.39¢ a pound.
Corn futures for May delivery gained 3¼¢ to $5.56½ a bushel.
Wheat futures for May delivery fell 1¼¢ to $6.16¾ a bushel overnight, while Kansas City futures lost ½¢ to $5.62½ a bushel.
2. EXPORT INSPECTIONS OF CORN AND WHEAT RISE WHILE SOYBEAN ASSESSMENTS FALL
Inspections of corn and wheat rose week-to-week while soybean assessments declined, according to the USDA.
Corn inspections improved to 1.91 million metric tons in the seven days that ended on April 1, the agency said in a report.
That’s up from 1.72 million metric tons a week earlier and 1.28 million tons during the same time frame a year earlier.
Examinations of wheat for overseas delivery jumped to 594,032 metric tons last week, up from 306,579 tons, government data show. That’s also higher than the 350,190 tons assessed during the same week in 2020.
Soybean inspections, meanwhile, declined weekly to 298,252 metric tons.
That’s down from 439,930 tons the previous week and 301,111 tons during the same week a year earlier, the USDA said.
Since the start of the marketing year on Sept. 1, the government has inspected 35.7 million metric tons of corn for offshore delivery.
That’s up from 19.4 million tons during the same time frame a year earlier.
Soybean inspections since the beginning of September now stand at 54.4 million metric tons, up from 31.8 million tons in the same period last year, the agency said.
Wheat assessments since the start of the grain’s marketing year on June 1 are now at 20.9 million metric tons, narrowly above the 20.8 million tons examined a year earlier, the USDA said in its report.
3. EXTREMELY DRY WEATHER WITH HUMIDITY AT 3% THREATENS SOUTHERN PLAINS
Extremely dry conditions may lead to wildfires in parts of the southern Plains as “critical fire weather” spreads throughout the region, according to the National Weather Service.
Winds will be sustained from 20 to 30 mph this afternoon with gusts up to 50 mph, the NWS said in a report early this morning.
Relative humidity will drop as low as 3%.
“A combination of strong winds, low relative humidity, and warm temperatures will create favorable weather for rapid fire growth and spread,” the agency said. “Avoid activities that promote open flames and sparks.”
Farther east in parts of extreme eastern Kansas and western Missouri, scattered storms are possible starting this evening into Wednesday, the NWS said.
Half-dollar-size hail is a threat along with gusty winds of up to 30 mph.
“Scattered storms will likely be ongoing across portions of the area Wednesday morning,” the agency said. “A few strong to severe storms will remain possible with hail up to the size of quarters the main risk.”