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3 Big Things Today, March 13
1. Wheat Higher Overnight as Rain Likely to Miss Southern Plains
Wheat futures maintained their upward momentum overnight on renewed calls for dry weather in the Southern Plains.
A seven-day National Weather Service precipitation map for the U.S. shows areas in Colorado, northern Kansas, and even central Texas have a chance for rain in the next seven days.
The Southern Plains including southwestern Kansas and the Oklahoma and Texas panhandles, however, have a 0% possibility of precipitation, according to the weather map. Little or no rain has fallen in the region for at least the past three months and in some places the past six months, according to the NWS.
Parts of northern Oklahoma are now in an “exceptional drought,” the worst designation, while most of the Southern Plains are in an “extreme drought,” the second-worst category, according to the U.S. Drought Monitor.
Wheat for May delivery rose 2½¢ to $4.93¼ a bushel overnight on the Chicago Board of Trade, while Kansas City futures added 4¢ to $5.26¼ a bushel.
Soybean futures for May delivery gained 3¼¢ to $10.44¼ a bushel overnight. Soymeal rose $2.50 to $372.90 a short ton, and soy oil added 0.18¢ to 31.93¢ a pound.
Corn futures for May delivery rose a penny to $3.91¾ a bushel overnight.
2. Corn Inspections For Export Up Week to Week; Soybeans, Wheat Fall
Export inspections of corn jumped last week, while soybeans and wheat declined.
The USDA said in a report it inspected 1.38 million metric tons of corn for delivery to overseas buyers in the week that ended on March 8. That’s up from 979,555 seven days earlier but down from 1.57 million tons during the same week in 2017.
Inspections of soybeans were reported at 910,237 tons, down from 1.01 million tons a week earlier, but up from 678,004 the prior year, according to the USDA.
Wheat inspections came in at 389,358 tons, down from 400,937 tons the prior week. During the same week a year earlier, inspections came in at 548,476 tons.
Corn assessments since the start of the marketing year on September 1 totaled 20.3 million tons, well behind the year-ago level of 28.9 million tons.
Soybeans also trailed the previous pace with inspections at 39.7 million tons vs. 45.1 million a year earlier, according to the USDA.
Wheat inspections since the start of its marketing year on June 1 are now at 18.7 million tons compared with 20.1 million during the same time frame a year earlier, the government said.
3. Mid-South Under Ongoing Flood Warnings Now Faces Freezing Weather
Much of the mid-South that’s been under flood watches and warnings for a couple weeks is now facing extremely cold weather overnight.
Along with ongoing flood warnings, a freeze watch and freeze warning are now forecast for parts of Arkansas, Tennessee, and Mississippi, according to the National Weather Service. The watch and warning are in effect tonight into Wednesday morning, the agency said in a report early Tuesday.
Temperatures likely will fall as low as 25˚F. in the region. Any crops that are emerged from the ground and any sensitive vegetation are at risk, according to the government.
Several rivers in the region are still above flood stage in the area after excessive rain the past two weeks caused waterways to top their banks, though water levels are receding, the NWS said.