Content ID

325417

3 Big Things Today, March 16, 2022

Wheat Futures Plunge Overnight; EPA Tightens Dicamba Rules in Two States.

1. Wheat Futures Drop in Overnight Trading

Wheat futures fell in overnight trading as the yo-yo in prices continues.

Speculators who were long the market sold contracts and closed positions after another run-up in wheat prices yesterday.

Chicago wheat yesterday jumped 58¢, or 5.6%, the biggest single-day percentage increase in almost two weeks.

Prices are lower overnight despite a plan by Russia to halt exports to former Soviet countries, which likely will mean importers in the bloc will seek supplies elsewhere.

Futures also were down even after APK-Inform said Ukraine likely will plant 39% fewer hectares due to the ongoing Russian attacks on the country.

Soybeans, meanwhile, were higher in overnight trading.

The National Oilseed Processors Association said its members crushed 165.057 million bushels of soybeans in February. That’s down from 182.216 million bushels a month ago but in line with expectations.

Soybean oil supplies reached the highest level in 22 months, NOPA said, according to a Reuters report.

Wheat for May delivery dropped 31¾¢ to $11.22½ a bushel overnight on the Chicago Board of Trade while Kansas City futures plunged 30½¢ to $11.27 a bushel.

Corn futures for May delivery fell 9¾¢ to $7.49¼ a bushel. 

Soybean futures for delivery jumped 12¾¢ to $16.71½ a bushel. Soymeal was up $2.70 to $486.70 a short ton, and soybean oil futures gained 0.9¢ to 74.58¢ a pound.

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2. EPA Tightens Rules on Dicamba in Iowa, Minnesota

The Environmental Protection Agency approved tighter controls on the herbicide dicamba in Iowa and Minnesota.

In Iowa, no spraying on dicamba-tolerant varieties after June 20 will be allowed, the EPA said in a statement yesterday.

In Minnesota, no spraying will be allowed on dicamba-tolerant crops after June 12 south of Interstate 94 and after June 30 north of I-94, the agency said.

No dicamba applications are to be made if it’s more than 85°F., the Minnesota Department of Agriculture (MDA) said in a statement. BASF’s Engenia, Syngenta’s Tavium, and Bayer’s Xtendimax products are all affected by the rule change.

“These restrictions are intended to reduce the likelihood of volatility and offsite movement of over-the-top dicamba by avoiding application on days with high temperatures,” the EPA said.

Some 528 drift incidents were reported in Iowa last year along with Minnesota, though the actual number of actual occurrences likely is much higher than what was reported, the agency said.

“Additionally, more than 280 incident reports came from counties where additional restrictions are required to protect endangered species when dicamba is applied to dicamba-tolerant soybean and cotton crops, including approximately 34 incident reports in Minnesota and 69 in Iowa,” the government said in its statement.

Amended labeling must be added to registrants’ training materials and they will be required to pass on information to authorities and Extension offices in their local area, the agency said.

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3. Dry Weather Forecast For Parts of Oklahoma and Kansas

Extremely dry weather is expected in central Oklahoma and counties in southern Kansas today, according to the National Weather Service.

Winds in central Oklahoma are forecast from 15 to 25 mph with gusts of up to 35 mph, the NWS said in a report early this morning.

Temperatures will top out in the 80s.

In south-central Kansas, gusts are forecast as high as 40 mph, the NWS said. Relative humidity is projected to drop as low as 20%.

“Any fires that develop will likely spread rapidly and become very difficult to control,” the agency said. “Outdoor burning is not recommended. Any lingering hot spots or smoldering areas from yesterday’s controlled burns will need to be closely monitored today.”

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