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3 Big Things Today, May 21
1. Soybeans, Grains Higher Again on Rain Delays
Soybeans and grains were again higher in overnight trading, as relentless rainfall continues to keep producers from their fields.
The planting pace for beans, corn, and wheat are all behind their averages, and more rain is either already falling or expected to fall, which will keep producers from completing fieldwork.
Rain is forecast for Tuesday and Wednesday, and possibly Thursday and Friday, in the western Midwest, which will slow planting, with the heaviest precipitation expected in Nebraska, Kansas, South Dakota, Iow,a and Illinois, according to Commodity Weather Group.
The six- to 15-day outlook isn’t much better, as breaks in the rain will be too brief for growers to speed planting in most areas.
Rain also is expected in the Ohio Valley Wednesday and Thursday and into the weekend, CWG said.
Soybeans for May delivery rose 8¼¢ to $8.40 a bushel overnight on the Chicago Board of Trade. Soy meal added $2.30 to $299.60 a short ton, and soy oil gained 0.05¢ to 27.55¢ a pound.
Corn futures for May delivery rose 6¾¢ to $3.95¾ a bushel overnight.
Chicago wheat for May delivery gained 7¼¢ to $4.85½ a bushel overnight, while Kansas City wheat added 7¾¢ to $4.42¼ a bushel.
2. Corn, Bean, Spring Wheat Planting Continue to Run Behind Normal Pace Due to Rain
Corn, soybean, and spring wheat planting are all well behind their normal pace for this time of year, according to the USDA, as wet weather continues to keep farmers out of fields.
About 49% of the corn crop was in the ground as of Sunday, well behind the prior five-year average of 80%, the USDA said in a report.
Seventy percent of Iowa’s crop was in the ground this week; in Illinois, only 24% was seeded. Usually at this time, 89% has been planted in both states, government data show.
Only 19% of U.S. corn had emerged compared with the average pace of 49%. In Iowa, 20% was out of the ground, behind the normal 53%; in Illinois, 11% had emerged vs. the average of 71%.
Soybean planting, meanwhile, was 19% finished as of Sunday compared with the average of 47% for this time of year, the USDA said. In Iowa, 27% was in the ground vs. the normal 55%; in Illinois, 9% was planted against the prior five-year average of 51%.
Nationally, only 5% of the soybean crop had emerged, behind the average of 17%, the government said.
Three percent of the Iowa crop was out of the ground vs. the normal 13%; 2% of Illinois beans had emerged compared with the average of 23%.
The spring wheat numbers were better with 70% in the ground as of Sunday, but that’s still behind the previous five-year average of 80%. Some 26% had emerged vs. the normal 51% for this time of year.
Winter wheat is in exceptionally good shape for this time of year with 66% rated good or excellent as of Sunday. That’s up from 64% the prior week and only 36% at this time last year, the USDA said.
3. Storms Causing Flash Floods in Parts of Oklahoma, Kansas, Missouri, NWS Says
Weather maps are active Tuesday morning, as severe weather is hitting parts of Oklahoma, Kansas, Missouri, and Illinois.
Several counties in southeastern Kansas, northeastern Illinois, and south Missouri are under a flash flood warning this morning, as thunderstorms continue to produce heavy rain across the area, according to the National Weather Service.
As much as 5 inches of rain have already fallen, and flash flooding is occurring or will happen shortly in many areas, the NWS said in a report early this morning.
Farther east, a flash flood warning is in effect for several counties in southern Missouri, as storms produced heavy rainfall.
“Creeks, streams, and low-water crossings will be especially susceptible to the dangers of flash flooding,” the agency said.
Flood warnings and flash flood watches are also in effect for much of central and southern Illinois this morning due to ongoing storms. The systems now impacting Kansas and Missouri will move east.
There’s a risk of storms with damaging winds and localized flash flooding possible in parts of Illinois and Indiana starting today, the NWS said.