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3 Big Things Today, March 15

Soybeans, Corn Rise Overnight; Allendale Sees Record Bean Area, Wheat Acres Down.

1. Soybeans, Corn Higher on Bargain Hunting After Recent Declines

Soybeans and corn were higher in overnight trading as bargain hunters jump into the markets after several days of declines.

Soybeans yesterday fell for the seventh straight session to the lowest level since November, according to data from CME Group.

Corn rose yesterday after six straight declines, gaining back just over a penny. The price had fallen to the lowest in more than two months before rebounding.

Wheat futures rose overnight, finding support on extremely dry weather in much of the Southern Plains where the bulk of U.S. winter wheat is grown. Little or no rain has fallen in most of Kansas and the Oklahoma and Texas panhandles in the past 30 days, according to the National Weather Service.  

Soybean futures for May delivery rose 7½¢ to $10.06¾ a bushel overnight on the Chicago Board of Trade. Soy meal added $1.70 to $328.90 a short ton, and soy oil gained 0.38¢ to 32.68¢ a pound.

Corn added 2¼¢ to $3.64½ a bushel in Chicago.

Wheat futures rose 5¾¢ to $4.36¼ a bushel, and Kansas City wheat for May delivery gained 6½¢ to $4.49 a bushel.

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2. Soybean Seeding Seen at Record by Allendale, Wheat Area at Lowest in 98 Years

Soybean seeding will rise to a record this year, while wheat acreage will be the smallest in 98 years, according to planting estimates from researcher Allendale Inc.

Soybean growers are expected to plant 88.825 million acres, which, if realized, would be the most ever and an increase of almost 5.4 million acres from the prior year, Allendale said in a report. The U.S. Department of Agriculture pegged soybean acreage at 88 million.

Production is seen at 4.141 billion bushels on 87.955 million harvested acres and yields of 47.08 bushels an acre.

Farmers are forecast to seed 90.018 million acres with corn this year, the seventh largest in recent history, according to the company’s report. That’s down almost 4 million from last year but mostly in line with the USDA’s projection of 90 million acres.

Output is pegged at 13.879 billion bushels on 82.529 million harvested acres on yields of 168.17 bushels an acre.

All wheat acres will drop by 4.2 million to 45.967 million this year, the lowest since 1919 and in line with the USDA forecast, Allendale said. Winter wheat area will fall 3.46 million acres to 32.677 million, durum planting will fall by 367,000 acres to 2.045 million, and spring wheat seeding will drop 360,000 acres to 11.245 million, according to the researcher.

All wheat production was estimated at 1.856 billion bushels on 39.237 million harvested acres on yields of 47.3 bushels an acre, Allendale said.

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3. Storm Continues to Hammer Northeast, Freeze in Missouri, South Threatens Plants

The large storm in the northeast continues to move offshore, though several states are still seeing snow and strong winds, according to the National Weather Service.

A large patch of land that includes Pennsylvania and upstate New York north into Maine are still under a winter storm warning. Another 4 inches of snow may fall in the area, along with temperatures from 10˚F. to 20˚F., and winds gusting up to 40 mph are expected today, the NWS said.

A very large cold front is hitting much of the southeaster fourth of the U.S. Temperatures were expected to drop into the 20s in much of Missouri overnight, threatening plants including winter wheat.

A freeze warning is in effect for all or parts of at least a dozen states from northern Missouri east to the Atlantic Ocean and south to the Gulf of Mexico, encompassing the southeastern quarter of the country, according to the NWS.

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