3 Big Things Today, April 11
1. Soybeans Higher, Corn Little Changed Overnight Ahead of USDA Report
Soybean futures were higher in overnight trading while corn was little changed ahead of today’s World Agricultural Supply and Demand Estimates (WASDE) Report. Wheat declined.
It was a quiet overnight session as investors square positions ahead of the report, which is scheduled for release at noon in Washington, D.C. The U.S. Department of Agriculture is expected to increase its forecast for domestic stockpiles and raise its outlook for Brazilian soybean production.
Still, prices got a bit of an underpinning from yesterday’s Crop Progress Report, which showed only 3% of the U.S. corn crop was planted, behind the average for this time of year, but only by a percentage point. That can be made up quickly if the weather dries.
Soybean futures rose 2½¢ to $9.44¼ a bushel overnight on the Chicago Board of Trade. Soy meal was unchanged to $309.10 a short ton, and soy oil gained 0.22¢ to 31.57¢ a pound.
Corn futures fell ½¢ to $3.66½ a bushel in Chicago.
Wheat futures for May delivery fell 1¼¢ to $4.27½ a bushel, while Kansas City wheat lost 2¼¢ to $4.23¼ a bushel.
2. WASDE Report Will Likely Show Rising U.S. Stockpiles, Brazil Bean Production
The World Agricultural Supply and Demand Estimates Report due out this morning likely will show higher inventories for corn, beans, and wheat in the U.S. and increased production estimates for Brazil, according to analysts.
The USDA will probably peg soybean inventories at the end of the marketing year on Auust 31 at about 447 million bushels, up from 435 million a month ago, according to analysts.
Corn inventories will probably be forecast at 2.35 billion bushels, up from the month-earlier USDA estimate of 2.32 billion. Wheat carryout will probably be seen at 1.15 billion bushels from 1.13 billion.
Brazil’s soybean crop has been steadily rising in private and more localized estimates, and the USDA is expected to follow suit today.
The South American country’s crop will likely be pegged at about 110 million metric tons, up from 108 million a month earlier. Some private estimates have the Brazil soybean crop from 111 million tons to 113 million tons. Its corn crop will be estimated at around 92 million tons, analysts forecast.
Get today’s news sent to your in-box by signing up for Successful Farming newsletters.
3. Freeze Warning in Effect For Much of Central Nebraska, North-Central Kansas
A freeze warning is in effect for much of central Nebraska and parts of north-central Kansas this morning, according to the National Weather Service.
Clear skies and a high-pressure weather system allowed temperatures to fall below freezing for several hours overnight. Temperatures fell as low as 24˚F. along Interstate 80 last night, with other areas reporting lows around 32˚F.
Exposed plants including winter wheat may have been damaged in areas where temperatures were below 28˚F. for extended periods of time, though not a lot of wheat comes from the area.
Just south of the freeze warning, a frost advisory is in effect for much of central Kansas stretching from Garden City to Lawrence. Temperatures were in the mid-30˚F. in the area, and no damage is expected to come from the cool weather.
Get involved in the discussion in Marketing Talk.