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3 Big Things Today, April 12, 2022

Wheat Futures Surge Overnight; Weekly Export Inspections of Corn Fall.

1. Wheat Futures Jump in Overnight Trading

Wheat futures surged overnight and corn and beans were higher on concerns about dry weather in the U.S. southern Plains and Midwest.

Little to no rain has fallen in the past 30 days in a wide stretch of land from southeastern South Dakota south into the southern Plains and west Texas, according to the National Weather Service’s precipitation page.

About 67% of Kansas, the biggest U.S. producer of winter wheat, was facing drought conditions as of last week, data from the U.S. Drought Monitor show. Almost 2% was suffering from exceptional drought, the worst-possible rating.

In Oklahoma, meanwhile, 76% of the state was seeing drought with 9% in the exceptional category, the monitor said.

Still, 32% of the U.S. winter-wheat crop was in good or excellent condition as of Sunday, the U.S. Department of Agriculture said in a report yesterday. That’s up from 30% a week earlier.

About 5% of the crop was headed.

The Kansas crop was 34% good or excellent, up from 32% the previous week, the USDA said.

In its report, the government said 2% of the U.S. corn crop was planted at the start of the week, unchanged from the previous week and down from the prior five-year average of 3% for this time of year.

Wheat for May delivery jumped 34¢ to $11.15¼ a bushel overnight on the Chicago Board of Trade while Kansas City futures added 30¾¢ to $11.72¼ a bushel.

Soybean futures for May delivery surged 17¾ ¢ to $16.73 a bushel. Soymeal rose $5.40 to $464.50 a short ton, while soybean oil futures gained 1.3¢ to 75.51¢ a pound.

Corn futures gained 8½¢ to $7.73 a bushel. 

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2. Corn Export Inspections Fall While Beans, Wheat Assessments Rise

Inspections of corn for overseas delivery fell in the seven days that ended on April 7 while bean and wheat assessments improved, according to the National Weather Service.

Corn inspections last week totaled 1.42 million metric tons, the USDA said in a report.

That’s down from the 1.54 million tons assessed a week earlier and below the 1.73 million tons inspected during the same week last year, the agency said.

Soybean assessments were reported at 766,232 metric tons, up from 741,290 the previous week and more than double the 337,159 tons examined during the same week in 2021.

Wheat inspections also rise, jumping to 411,012 metric tons from 318,304 tons a week earlier, the government said. The total was still down from the 461,368 metric tons assessed at the same point last year.

Since the start of the marketing year on Sept. 1, the USDA has inspected 32 million metric tons of corn for overseas delivery. That’s down from 37.9 million tons during the same time frame a year earlier, the agency said.

Soybean inspections since the beginning of September now stand at 44.9 million metric tons, down from the 55 million tons examined during the same period last year.

Wheat assessments since the start of the grain’s marketing year on June 1 totaled 17.6 million metric tons, down from the 21.4 million tons inspected at the point in 2021, the USDA said in its report.

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3. Red-Flag Warnings Issued From Nebraska Through Texas

Red-flag warnings have been issued from Nebraska through West Texas while blizzard and high-wind warnings are will take effect this afternoon in the northern Plains, according to the National Weather Service.

In much of central Nebraska, southwest and westerly winds will be sustained from 25 to 30 mph with gusts expected of up to 50 mph, the NWS said in a report early this morning.

Relative humidity will range from 10% to 20% today and Wednesday.

A red-flag warning has been issued through 9 p.m. for the area.

In the northern Plains, meanwhile, almost the entire state of North Dakota is facing a blizzard warning from 1 p.m. through 7 p.m., the agency said.

Heavy snow and strong winds are expected. Up to 2 feet of snow are forecast in some parts of the state with up to 30 inches possible in isolated areas, the NWS said.

Wind gusts will top 50 mph today.

“Travel could be very difficult to impossible,” the agency said. “Widespread blowing snow could significantly reduce visibility.”

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