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3 Big Things Today, April 7

Soybeans, Grains Little Changed Overnight; Corn, Wheat Sales Jump Week to Week.

1. Soybeans, Grains Little Changed Again on South American Prospects

Soybeans and grains were again little changed overnight as wet weather in Argentina and an expected record harvest in Brazil are pitting the bulls against the bears.

Soybeans and grains were little changed in overnight trading on Thursday as investors weigh wet weather in Argentina against rising crop projections in Brazil.

Rain this weekend in Argentina is expected to slow the bean and corn harvests, according to Commodity Weather Group. The soybean harvest in southern Brazil also will be delayed next week due to rain, the forecaster said.

Still, INTL FCStone has pegged the Brazilian soybean harvest at 112 million metric tons, up from a prior outlook for 109 million. The USDA in a March report forecast the Brazil crop at 108 million tons, but that could rise in next week’s Supply/Demand Report.

Soybean futures fell 2¢ to $9.39½ a bushel overnight on the Chicago Board of Trade. Soy meal rose 30¢ to $309 a short ton, and soy oil fell 0.22¢ to 31.15¢ a pound.

Corn futures were unchanged at $3.60¾ a bushel in Chicago.

Wheat futures for May delivery fell ½¢ to $4.22¾ a bushel, while Kansas City wheat gained ¼¢ to $4.20¼ a bushel.


2. Export Sales of Corn, Wheat Jumped Last Week While Soybeans Declined

Sales of corn and wheat to overseas buyers jumped in the seven days that ended on March 30 while soybeans declined week over week.

Corn exporters sold 1.14 million metric tons of corn last week, up 59% from the prior seven days and 13% from the four-week average, for delivery in the marketing year that ends on August 31, the U.S. Department of Agriculture said in a report.

Mexico was the biggest buyer, taking 280,500 metric tons, followed by Colombia at 252,300 tons, and Japan at 242,500 tons, the USDA said. Taiwan bought 135,500 tons, and South Korea bought 130,700 tons.

Wheat exporters sold 568,400 tons for delivery in the marketing year that ends on May 31, up 23% weekly and 48% from the prior four-week average.

Unknown buyers purchased 134,400 tons, followed by Taiwan, which bought 98,200 tons. Algeria bought 92,300 tons of U.S. wheat, South Korea purchased 65,000 tons, Mexico took 55,900 tons, and Japan bought 46,100 tons, according to the government.

Soybean sales totaled 482,000 tons, down 29% from the previous week and 11% from the average, according to the USDA.

China, as usual, was the biggest buyer at 370,900 tons, followed by the Netherlands at 84,700 tons, Indonesia at 66,500 tons, Pakistan at 63,000 tons, and Turkey, which bought 41,200 tons.

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3. Freeze, Frost Warnings, Winter Weather Advisory Issued For Indiana, Ohio

A freeze warning, a winter weather advisory, and a frost advisory all make their way into Indiana and Ohio. No, this is not the start of a bad joke, it’s Friday’s weather forecast.

A winter storm is moving through Indiana and Ohio today and is expected to bring up to 5 inches of snow across several counties before tapering, the National Weather Service said in a forecast early Friday.

Winds will be around 25 mph with gusts up to 40 mph, the NWS said. Temperatures are expected to be around 30˚F. for most of the night, with the frost advisory ending around 9 a.m. on Saturday. A frost advisory is in effect for much of northern Indiana and much of Ohio, according to the NWS.

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