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3 Big Things Today, April 1, 2022

Soybeans, Corn Fall Overnight While Wheat Rises; Grain Export Sales Lower.

1. Soybeans, Corn Decline Overnight While Wheat Rises

Soybean and corn futures fell overnight while wheat futures jumped as traders digest yesterday’s prospective plantings report.

The U.S. Department of Agriculture said it now expects soybean planting to top corn sowing this year, while wheat planting is forecast to increase slightly.

Soybean area will total a record 91 million acres this year, up 4% from last year, the USDA said. Corn planting is forecast at 89.5 million acres, a 4% decline year-over-year.

Wheat seeding is now seen at 47.4 million acres, up 1% from 2021, the government said. If realized, that would be the fifth-smallest wheat area since record-keeping began in 1919.

Cotton area is estimated at 12.2 million acres, which would be a 9% increase from the previous year, the agency said.

The USDA also released its grain stocks report, which showed that corn in storage at the start of March totaled 7.85 billion bushels, up 2% year-over-year.

Soybeans in storage were reported at 1.93 billion bushels, a 24% increase from March 1, 2021, the USDA said.

Wheat stockpiles at the start of last month came in at 1.02 billion bushels, a 22% decline year-over-year.

Soybean futures for May delivery fell 9½¢ to $16.08¾ a bushel overnight on the Chicago Board of Trade. Soymeal fell 30¢ to $467.20 a short ton, and soybean oil futures dropped 0.62¢ to 69.32¢ a pound.

Corn futures fell 4¼¢ to $7.44½ a bushel. 

Wheat for May delivery rose 15½¢ to $10.21½ a bushel in Chicago while Kansas City futures gained 12¼¢ to $10.42 a bushel.

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2. Export Sales of Corn, Wheat Fall, Soybean Sales Rise

Sales of corn and wheat for overseas delivery fell week-to-week while soybean sales improved, according to the USDA.

Corn sales in the seven days that ended on March 24 totaled 636,900 metric tons, down 35% from the previous week and 53% from the prior four-week average, the agency said.

Japan bought 217,800 metric tons, Colombia was in for 103,800 tons, Mexico purchased 86,600 tons, Vietnam took 69,300 tons, and Taiwan was in for 66,000 tons.

The total would have been higher but an unnamed country canceled cargoes of 74,300 metric tons, Lebanon nixed shipments of 50,000 tons, and China canceled contracts on 18,400 tons, the USDA said.

Sales for the 2022-2023 marketing year totaled 286,800 metric tons.

Exports for the week were up 26% to 1.88 million tons.

Wheat sales also fell, dropping 39% from the previous week and 58% from the average to 95,000 metric tons, the government said.

South Korea took 45,000 metric tons, Mexico bought 30,500 tons, Guatemala was in for 29,800 tons, Colombia purchased 27,000 tons, and El Salvador bought 18,800 tons from U.S. supplies.

An unknown destination canceled shipments of 60,800 metric tons and Nigeria stopped an order for 15,900 tons, the USDA said.

Sales for the 2022-2023 marketing year were reported at 81,300 tons. Exports for the week fell 5% to 349,200 metric tons.

Soybean sales, meanwhile, surged to 1.31 million metric tons, up noticeably from the previous week and 11% from the average, the department said.

China took 593,200 metric tons, an unnamed country purchased 520,700 tons, the Netherlands bought 56,000 tons, Japan was in for 55,600 tons, and Taiwan took 32,400 tons.

Sales for the next marketing year totaled 54,000 metric tons. Exports for the week jumped 22% to 670,200 tons, the USDA said in its report.

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3. Freeze Warnings Issued For Much of Missouri

Freeze warnings and frost advisories have been issued for much of Missouri and parts of Oklahoma, Arkansas, and Illinois, according to the National Weather Service.

In central and southern Missouri, temperatures overnight fell as low as 27˚F., the NWS said in a report early this morning.

The freeze warning is in effect in the area until 9 a.m.

“Frost and freeze conditions will kill crops, other sensitive vegetation, and will possibly damage unprotected outdoor plumbing,” the agency said.

In southern Illinois, meanwhile, temperatures fell to about 30˚F. overnight.

Farther north in parts of eastern Iowa and western Illinois, wet snow is forecast tonight into Saturday, the NWS said. Up to 3 inches of accumulation is possible in some areas.

“The snow could become briefly heavy at times and result in slushy accumulations of roadways, along with significantly reduced visibility,” the NWS said.

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