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3 Big Things Today, March 10, 2020

Soybeans, Grains Jump Overnight; Export Inspections of Corn, Wheat, Beans All Decline

1. Soybeans and Grains Rise in Overnight Trading

Soybeans and grains rose in overnight trading as bargain hunters seek cheap supplies ahead of today’s World Agricultural Supply and Demand Estimates (WASDE) Report.

Soybean futures yesterday plunged more than 21¢, and corn finished down more than 3¢ amid a global commodity and equity route as the spread of the coronavirus, or COVID-19, and plunging oil prices sent investors running.

Global economies are taking a hit from the spread of the coronavirus with Italy implementing a lockdown on its citizens.

The number of confirmed cases is now up to 114,578 and the death toll stands at 4,028, according to Johns Hopkins University. Some 64,041 people have recovered from the disease.

President Donald Trump put forth a plan to cut payroll taxes and offer hourly workers relief in a bid to boost the economy amid the virus outbreak. He also proposed offering assistance to airlines, cruise companies, and hotels. 

Oil prices crashed yesterday amid a price war after talks among members of the Organization of the Petroleum Exporting Countries and Russia collapsed. Equity markets also plunged yesterday on fears of the disease and falling oil, but everything is in the green this morning.

The USDA today is expected to peg ending stockpiles of corn unchanged from February at 1.89 billion bushels, soybean inventories at 426 million bushels, up slightly month to month, and wheat stocks at 944 million bushels, also up modestly.

Soybean futures for May delivery rose 9¼¢ to $8.79¼ a bushel overnight on the Chicago Board of Trade. Soy meal gained $1.80 to $302.20 a short ton, and soy oil added 0.33¢ to 27.87¢ a pound.

Corn futures added 3¼¢ to $3.76 a bushel overnight.

Wheat futures for May delivery 2¼¢ to $5.21 a bushel, while Kansas City futures rose 3¼¢ to $4.44¼ a bushel.

READ MORE: Soybeans rise 10 cents Tuesday

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2. Corn, Wheat, and Bean Export Inspections All Fall Week to Week

Inspections of corn, wheat, and beans all declined week to week, according to the USDA.

Corn assessments for offshore delivery in the seven days that ended on March 5 fell to 829,865 metric tons, down from 896,221 tons a week earlier, the USDA said in a report. That’s up, however, from the 793,570 tons inspected during the same week a year earlier.

Wheat inspections were reported at 415,548 metric tons last week, down from the 656,160 tons examined the previous week and the 615,715 tons assessed in the same period the previous year, the agency said.

Soybean inspections fell to 572,416 metric tons from 672,174 tons a week earlier, government data show. That’s also down from the 888,690 tons inspected in the same week in 2019.

Since the start of the marketing year on September 1, export inspections of corn have declined to 14.9 million metric tons from 26.6 million tons during the same time frame a year earlier.

Soybean inspections since the start of September now stand at 30.1 million metric tons, ahead of the previous year’s 26.9 million tons.

Wheat assessments since the start of the grain’s marketing year on June 1 are at 19.2 million metric tons, up from the 17.6 million tons inspected at this point a year ago, the USDA said.

READ MORE: Coronavirus forces delays in food and ag meetings

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3. Thunderstorms Are Forecast in Parts of Central Kansas Tuesday

Thunderstorms are likely in parts of central and southeastern Kansas starting tonight and lasting until morning, according to the National Weather Service.

Some strong to severe storms are possible, with hail being the main threat, the NWS said in a report early this morning. Strong wind gusts also are likely, the agency said.

On Friday and Saturday, forecasters said there’s a possibility of snow or a “wintry mix” in central Kansas.

Farther north in southern Nebraska, extremely dry weather in some areas will result in “near-critical fire weather conditions” starting tomorrow, the NWS said.

Relative humidity is seen from 20% to 30% across much of the area, and winds will be sustained from 10 to 20 mph with gusts of up to 30 mph, the agency said.

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