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3 Big Things Today, May 10, 2022

Soybeans, Grains Higher Overnight; Export Inspections Down Across the Board.

1. Soybean and Grain Futures Rise Overnight

Soybeans and grains were higher in overnight trading as the pace of planting remains well behind normal.

About 22% of the U.S. corn crop was planted as of Sunday, well behind the prior five-year average of 50% for this time of the year, the Department of Agriculture said in a report.

In Iowa, only 14% was sown and in Illinois 15% was in the ground, well behind their respective averages of 63% and 58% for this time of the year, the USDA said.

Some 12% of the U.S. soybean crop was planted at the start of the week, half the normal 24%.

Iowa growers had only 7% of their soybeans in the ground, behind the normal 34%, while Illinois producers had planted 11% at the start of the week, vs. the normal 30%.  

Iowa and Illinois are the biggest soybean and corn producers in the U.S., government data show.

By the start of the week, about 3% of soybeans had emerged, behind the 4% average; only 5% of corn was emerged, well behind the normal 15% for this time of year, the agency said.

Spring wheat also was behind with only 27% planted, missing the average of 47%.

The U.S. winter-wheat crop, meanwhile, improved week-to-week with 29% rated good or excellent, up from 27% a week earlier. That’s still well below the 49% that received top ratings at this point in 2021, the USDA said.

About 33% of the crop was headed as of Sunday, behind the 40% average.

Little or no rain has fallen in southwestern Kansas or the Oklahoma and Texas panhandles in the past week, according to the National Weather Service’s precipitation page.

About 68% of Kansas, the biggest U.S. producer of winter wheat, was suffering from drought last week, data from the U.S. Drought Monitor show. In Oklahoma, 65% of the state was seeing drought, the monitor said.

Soybean futures for July delivery added 8½¢ to $15.93¾ a bushel overnight on the Chicago Board of Trade. Soymeal gained $3.20 to $406 a short ton, while soybean oil futures rose 0.08¢ to 79.82¢ a pound.

Corn futures were up 4½¢ to $7.76½ a bushel.

Wheat for May delivery jumped 11½¢ to $11.04¼ a bushel while Kansas City futures gained 11¼¢ to $11.75½ a bushel.

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2. Weekly USDA Export Inspections Lower Across the Board

Inspections of corn, beans, and wheat for overseas delivery all declined week-to-week, according to the U.S. Ag Department.

Corn assessments in the seven days that ended on May 5 totaled 1.39 million metric tons, the USDA said. That’s down from the 1.7 million metric tons examined a week earlier and the 1.72 million tons assessed during the same week a year earlier.

Soybean inspections last week were reported at 503,414 metric tons, down from 604,711 tons the previous week, the agency said.

Still, that’s higher than the 277,090 metric tons assessed during the same week in 2021.

Examinations of wheat for offshore delivery fell to 236,847 metric tons from 392,443 tons a week earlier, the government said. The total also was down from the 563,598 tons inspected at the same point last year.

Since the start of the marketing year on September 1, the USDA has inspected almost 38 million metric tons of corn for export, down from the 45.3 million tons examined during the same time frame a year earlier.

Soybean assessments since the beginning of September now stand at 47.7 million metric tons, down from 55.9 million during the same period last year, the government said.

Wheat inspections since the start of the grain’s marketing year on June 1 are now at 19 million metric tons, down from 23.8 million a year earlier, the USDA said in its report.

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3. Red-Flag Warnings Issued For Parts of the Southern Plains

Red-flag warnings will take effect this afternoon for parts of the southern Plains, according to the National Weather Service.

Winds in southwestern Kansas this afternoon will be sustained from 15 to 25 mph with gusts of up to 35 mph, the NWS said in a report early this morning.

Relative humidity will fall as low as 10%.

In the Oklahoma and Texas panhandles, meanwhile, winds will range from 15 to 25 mph with gusts up to 40 mph, the agency said. Humidity will drop as low as 7%.

“Any fires that develop will spread rapidly and will be very hard to control. Outdoor burning should not be done,” the NWS said.

In the northern Corn Belt, meanwhile, flood warnings are in effect along several rivers in North Dakota including the Red River that separates the state from Minnesota, weather maps show.

In Wahpeton, North Dakota, the Red River was at 11.9 feet last night, and is forecast to crest at about 12.8 feet on Wednesday, the NWS said.  

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