3 Big Things Today, April 19
1. Grain Markets Closed For Good Friday
Grain markets were closed in observance of Good Friday. Overnight trading will resume on Sunday.
2. Corn Sales Jump Week-to-Week While Beans, Wheat Mixed
Export sales of corn to overseas buyers jumped week-to-week while bean and wheat sales were mixed, according to the U.S. Department of Agriculture.
Corn sales in the week that ended on April 11 totaled 947,600 metric tons, up 73% from the prior week and 33% from the previous four-week average, the USDA said in a report.
Japan was the big buyer at 365,200 metric tons, Mexico was in for 309,700 tons, and Colombia bought 144,600 tons. South Korea was in for 66,800 tons and El Salvador purchased 54,800 tons. An unknown buyer canceled a shipment for 51,800 tons.
Sales in 2019-2029 totaled 18,400 tons, the USDA said.
Analysts had pegged corn sales from 500,000 to 950,000 metric tons.
Soybean sales last week were reported at 382,100 metric tons, which was up 41% week-to-week but down 46% from the prior average, according to the government.
An unknown buyer purchased 170,600 tons, South Korea was in for 48,700 tons, Indonesia took 46,600 tons, Japan bought 45,700 tons, and Colombia took 23,100 tons from U.S. supplies. Sales for the 2019-2020 year that starts on Sept. 1 totaled 21,100 tons.
Analysts expected sales from 350,000 to 850,000 tons.
Wheat sales also were mixed at 317,700 metric tons, up 16% from the previous week but down 28% from the prior four-week average.
Nigeria was the big buyer at 77,800 tons, followed by an unknown customer at 69,300 tons. Algeria was in for 60,000 tons, Japan bought 31,300 tons and Colombia purchased 25,100 tons, the USDA said. Sales in the 2019-2020 year that starts on June 1 totaled 227,800 tons as the Philippines and Algeria each bought 60,000 tons, Japan took 35,100 tons and unknown buyers bought 30,700 tons.
Analysts had forecast sales from 350,000 to 700,000 tons.
3. Flooding Still the Dominant Feature as Red, Missouri, Mississippi Rivers All Over Their Banks
Flood warnings continue to dominate weather maps in the Midwest as the Red River along the North Dakota-Minnesota border, the Missouri River between Nebraska and Iowa, and the Mississippi River from Iowa to the Gulf of Mexico all continue to run over their banks.
In North Dakota, the Red River continues to rise due to runoff from recent rainfall and melting snow, according to the National Weather Service. The good news is the waters are expected to recede next week.
“The trend of a secondary rise continues from Fargo up to Grand Forks with continued major flooding in the northern basin,” the NWS said in a report. “Several of the tributaries have slowed or started to fall, and there is an overall improving trend for the next seven-day period.”
The Missouri River at St. Joseph, Missouri, meanwhile, was at 19.2 feet as of late Thursday night, above flood stage of 17 feet, the agency said. The river is expected to continue rising to 19.6 feet by Sunday morning before it begins to fall.
Along the Missouri-Illinois border, heavy rains in the past 24 hours have exacerbated flooding along the Mississippi River. At Cape Girardeau, Missouri, the river is expected to crest at 39 feet on Friday.
Flood stage at that location is 32 feet. At 8:30 p.m. Thursday evening, the river was at 38.6 feet, according to the NWS.