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3 Big Things Today, April 14

Grain, Soybean Markets Closed Friday; Export Sales of Corn, Wheat Dropped Last Week.

1. Grain, Soybean Markets Closed in Observance of Good Friday.

Grain and soybean markets are closed in observance of Good Friday. The markets will reopen on Sunday evening at their regular time, according to CME Group.

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2. Corn, Wheat Sales Drop Week to Week While Soybeans Modestly Lower

Corn and wheat sales plunged week over week while soybeans were slightly lower.

Exporters in the week that ended on April 6 sold 738,000 metric tons of corn for delivery before the end of the marketing year on August 31, down 35% from the prior week and 33% from the previous four-week average, the U.S. Department of Agriculture said in a report.

Japan was the biggest buyer last week, purchasing 230,900 metric tons from U.S. supplies, followed by Mexico, which took 160,600 tons, the USDA said. Colombia was next at 85,600, Taiwan bought 74,700 tons, and Saudi Arabia purchased 67,600 tons.

Soybean sales totaled 402,300 tons, down 4% from the week earlier and 26% from the average, according to the government.

China, as usual, was the biggest buyer at 222,300 tons, followed by Pakistan at 128,500 tons, Egypt at 92,000 tons, Turkey at 64,400 tons, and the Netherlands, which bought 63,100 tons, the USDA said.

Sales of wheat for delivery in the marketing year that ends on May 31 totaled 421,600 tons, down 26% from the prior week and 2% from the previous average.

China bought 112,900 tons, Nigeria took 99,000 tons, and Japan purchased 63,900 tons. Sudan was in for 55,000 tons, Chile bought 31,500 tons, and Yemen purchased 31,000 tons of U.S. wheat, according to the USDA.

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3. Storms Expected This Weekend in Wide Stretch From Texas to Great Lakes

More storms are expected stretching from Texas to the Great Lakes this weekend, according to the National Weather Service.

“A slow-moving front will bring a risk for strong thunderstorms, heavy rain, and local flooding,” the NWS said in a report early Friday. “By Saturday, (the Storm Prediction Center) is depicting a slight chance of severe storms for the Central Plains. Rain and high-elevation snow will continue from the Sierras to the Rockies, with improving weather arriving this weekend.”

The rain will further delay corn planting in much of the Midwest and may increase flooding in parts of Illinois and Indiana.

The Illinois River was already at 21.4 feet as of late last night, topping its 20-foot flood stage, the NWS said. At 21 feet, low-lying fields from 6 miles upstream to 12 miles downstream will be flooded, according to the agency. In Indiana, the Kankakee River at Shelby was at 10.5 feet, which is above the flood stage of 9 feet, the service said.

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