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3 Big Things Today, April 30

Corn Hits Nine-Month High Overnight; Specs Cut Bets on Higher Corn, Bean Prices.

1. Corn Futures Touch Nine-Month High Overnight on Wet Weather

Corn futures reached a nine-month high in overnight trading Monday as wet weather continues to keep producers from planting in parts of the Midwest.

Thunderstorms are likely to develop along the Interstate 29 corridor in parts of South Dakota and Iowa this evening, according to the National Weather Service. The storms will shift east throughout the night, the NWS said.

As much as 2 inches of rain have fallen in parts of the Midwest in the past week, according to government maps. Missouri, eastern Kansas, and central Nebraska have all seen rain, along with most of the Delta states, NWS data show.

Corn futures for July delivery rose 3¢ to $4.01½ a bushel overnight on the Chicago Board of Trade.

Soybean futures for May delivery gained 7¾¢ to $10.64 a bushel overnight. Soy meal rose $5.70 to $401 a short ton, and soy oil added 0.02¢ to 30.75¢ a pound.

Wheat for May delivery gained 6¾¢ to $5.05¼ a bushel overnight, while Kansas City futures rose 4¼¢ to $5.34¾ a bushel.


2. Money Managers Reduce Bullish Bets on Corn, Soybeans; Bump Net Longs in HRW

Money managers reduced their bullish bets on corn and soybeans while bumping their net-long positions in hard red winter wheat.

In the week that ended on April 24, speculators were net long by 114,118 corn futures contracts, down from 126,389 contracts a week earlier, according to the Commodity Futures Trading Commission. That’s the smallest level in almost a month.

Bets on higher soybean prices declined to 169,915 contracts last week, the CFTC said in a report. That’s down from 188,163 contracts seven days earlier.

Investors likely reduced their net-long positions, or bets on higher prices, as drier weather was expected to move into the Midwest, increasing the pace of planting. While that’s been true for some areas of the Midwest, more widespread rain fell in the region than expected, keeping producers on the sidelines.

Bullish bets on hard red winter wheat, however, rose to 40,040 contracts last week, up from 35,501 contracts seven days earlier.

Speculators, meanwhile, also increased their net-short positions, or bets on lower prices, in soft red winter wheat to 50,507 contracts, up from 46,690 a week earlier, according to the CFTC.


3. Rain Continues in Parts of Upper Midwest, Southern Plains Sees Chance of Precipitation

More rainfall is expected in parts of southeastern South Dakota, southwestern Minnesota, and northwestern Iowa today, according to the National Weather Service.

Flooding is an issue in the area, as runoff from snow that’s melting north of the area is moving downstream, pushing several rivers and streams over their banks.

Rivers near Mitchell and Sioux Falls, South Dakota, are flooding along with waterways near Windom, Minnesota, and Spencer, Iowa, NWS maps show.

In the Southern Plains, there’s a slight chance of rainfall in parts of the Oklahoma and Texas panhandles. The best chance for precipitation is near Pampa, Texas, where a 30% chance exists, according to the agency. In Guymon, Oklahoma, there’s a 19% chance of rain.

The area has been extremely dry for at least the past six months, according to the NWS.  

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