3 Big Things Today, March 30, 2021

Wheat Futures Decline Overnight; Weekly Inspections of Corn, Beans Lower.

1. Wheat Futures Decline in Overnight Trading

Wheat futures were lower in overnight trading as more rain falls in parts of the southern Plains and eastern Midwest where winter wheat is overwintering, potentially improving crop conditions.

From .25 to .75 inch of rain fell in parts of the southern Plains and .5 to 2 inches of precipitation fell in parts of the Midwest and Delta in the past 72 hours, according to Commodity Weather Group.

Another .10 to .5 inch of rain is expected in the next five days in the southern Plains while .25 to 1 inch is forecast in the Midwest and Delta regions, the forecaster said.

The rain may slow in the next couple of weeks, but “moisture is still adequate for vegetative growth,” CWG said in a report.

The wheat crop in Kansas, the biggest producer of the grain in the U.S., was rated 50% good or excellent as of Sunday, up from 45% a week earlier, according to the Department of Agriculture.

Subsoil moisture is 80% adequate or surplus, up from 71% last week, the USDA said. Topsoil moisture is 88% adequate or surplus vs. 83% a week earlier.

Corn and soybeans, meanwhile, were lower overnight as the dollar continues to strengthen.

The greenback was up another 0.3% overnight and is now at its strongest since early November, curbing purchasing power for overseas buyers.

Wheat futures for May delivery fell 5¢ to $6.11¾ a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 4¼¢ to $5.65¼ a bushel.

Corn futures for May delivery declined 1¢ to $5.45¾ a bushel.

Soybean futures for May delivery were down 6½¢ to $13.86½ a bushel. Soymeal rose 70¢ to $398.80 a short ton, and soy oil dropped 0.65¢ to 52.31¢ a pound.

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2. Corn and Bean Inspections Fall Week-to-Week, USDA Says

Inspections of corn and beans for overseas delivery declined week-to-week, according to the USDA.

Corn assessments in the seven days that ended on March 25 totaled 1.7 million metric tons, the agency said.

That’s down from 2.02 million tons the previous week but above the 1.27 million tons examined during the same week a year earlier.

Soybean inspections last week came in at 425,364 metric tons, down from 495,329 tons in the prior seven-day period. The total was still higher than the 414,054 tons assessed during the same week in 2020.

Wheat inspections totaled 302,188 metric tons last week, less than half the 653,755 tons assessed the previous week and down from the 385,957 tons examined at this point last year, the Agriculture Department said.

Since the start of the marketing year on Sept. 1, the government has inspected 33.7 million metric tons of corn for offshore delivery.

That’s well above the 18.2 million metric tons examined during the same time frame a year earlier, the agency said.

Soybean inspections since the beginning of September are now at 54.1 million metric tons, up from 31.5 million tons at the same time last year.

Wheat assessments since the start of the grain’s marketing year on June 1 now stand at 20.3 million metric tons, just behind the 20.3 million tons inspected during the same period a year earlier, the USDA said in its report.  

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3. Red-Flag Warnings Issued in Parts of Nebraska and the Dakotas

Red-flag warnings have been issued for parts of central Nebraska and counties in southeastern South Dakota, according to the National Weather Service.

High-wind warnings also are in effect for much of the Dakotas, central Nebraska, and central Kansas.

Southwesterly winds will be sustained from 20 to 25 mph in parts of the northern Plains with gusts of up to 30 mph, the NWS said in a report.

Relative humidity is expected to drop into the teens, the agency said.

A front will move through the region, however, increasing winds to 30 to 40 mph with gusts of up to 50 mph.

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