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3 Big Things Today, April 25

Soybeans Fall in Overnight Trading; Growers Accelerated Planting Last Week.

1. Soybean Futures Fall Overnight as U.S. Planting Pace Ahead of Normal

Soybeans fell in overnight trading as farmers are further along with planting than expected.

Growers had nearly doubled the normal pace of planting as of Sunday due to favorable weather in some parts of the country, according to the U.S. Department of Agriculture.

Corn planting, which had been behind the normal place, is almost caught up, USDA data show. The slow pace of sowing put a bid in prices with some investors thinking excessive rainfall would keep some seeds from getting into the ground.

Prices also may have fallen as the dollar leveled after earlier dropping to the lowest level in almost a month. A lower greenback gives overseas buyers more purchasing power and generally results in improved demand for U.S. goods.

Soybean futures for July delivery fell 4½¢ to $9.67¼ a bushel overnight on the Chicago Board of Trade. Soy meal declined $1.30 to $319.30 a short ton, and soy oil lost 0.20¢ to 31.73¢ a pound.

Corn futures for July delivery fell 1¾¢ to $3.63¾ a bushel in Chicago.

Wheat futures for July delivery lost 1½¢ to $4.17¾ a bushel in Chicago, while Kansas City wheat rose ½¢ to $4.14¾ a bushel in Chicago.

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2. Corn, Bean Growers Kick Planting Into High Gear

Corn and bean growers took to the fields last week, almost catching up to the five-year average pace for the grain and doubling the normal amount of soybeans seeded for this time of year.

About 17% of corn was planted as of Sunday, just 1 percentage point behind the prior five-year average and up from only 6% the previous week, according to the U.S. Department of Agriculture. Wet weather had kept farmers out of fields, but a few days of dry weather allowed them to get a lot of corn planted.

In Iowa, planting is still behind normal with only 8% planted vs. the average of 14%. In Illinois, 34% is planted, up from only 6% a week earlier and better than the 28% average, USDA data show.

About 4% of corn was emerged on par with the prior average.

Soybean growers are 6% finished with planting, up from the previous five-year average of 3% for this time of year, according to the USDA. Illinois growers have 4% in the ground, double the normal amount, while Iowa farmers haven’t yet started seeding.

The winter wheat crop is progressing ahead of schedule with 32% headed. That’s up from the five-year average of 23% and the prior week’s 19%, the government said. 

The crop is in pretty good shape, though not as good as last year, with 54% rated good or excellent. Still, 13% was rated poor or very poor.

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3. Flood Warnings Abound as Illinois, Mississippi Rivers Breach Flood Stage in Several Areas

Flood warnings and watches abound in Illinois as several rivers have or are threatening to breach their banks.

The Illinois River has already topped flood stage in several places, the National Weather Service said in an early Tuesday report.

The river was at 16.5 feet near Havana, Illinois, where flood stage is 14 feet. Near Beardstown, it was at 17 feet while flooding occurs when it’s at 14 feet.

The Mississippi River was at 10.3 feet and holding steady near Gladstone, with flood stage at 10 feet. The river is expected to peak at 10.4 feet before falling, the NWS said. The Mississippi is at 15.3 feet near Burlington, where the flood stage is 15 feet, though the river should recede from there.

The NWS noted that agricultural flooding likely will occur. If drivers encounter flooded roadways, they should turn around and not attempt to go through the water.

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