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3 Big Things Today, May 5, 2020

Wheat Futures Fall Overnight; Export Inspections of Corn Rise Week to Week.

1. Wheat Futures Decline Overnight on Favorable Weather

Wheat futures were lower in overnight trading amid favorable growing weather in several parts of the world.

Rain is expected in parts of Ukraine and southern Russia that could ease stress on crops, though precipitation likely will be limited in a third of the Wheat Belt, according to Commodity Weather Group.

Weekend rains gave crops in southeastern Europe a boost, and forecast precipitation this week in northeastern European growing areas will help wheat prospects in the region, the forecaster said in a report.

In Western Australia, meanwhile, rainfall the next two days will improve germination in some of the driest parts of the region, CWG said.

In the U.S., the winter crop was rated 55% good or excellent as of Sunday, up 1 percentage point from the previous week but down from 64% at the same time last year, according to a report from the USDA.

In Kansas, the biggest producer of winter wheat, 42% earned top ratings, the USDA said.

Corn planting was 51% complete at the start of the week, up from 27% seven days earlier and ahead of the prior five-year average of 39%. Eight percent of the crop had emerged, up from 3% a week earlier, but behind the 10% average for this time of year.

About 23% of the soybean crop was planted, a jump from only 8% a week earlier and well ahead of the 11% average, the government said.

Wheat futures for July delivery dropped 5¾¢ to $5.13¾ a bushel overnight on the Chicago Board of Trade, and Kansas City futures plunged 10¾¢ to $4.76¼ a bushel.

Corn futures for May delivery rose ½¢ to $3.16 a bushel.

Soybean futures fell ½¢ to $8.36 a bushel overnight, while soy meal declined 50¢ to $287.90 a short ton, and soy oil gained 0.21¢ to 26.36¢ a pound. *

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2. Grain Inspections Rise Week to Week, While Soybean Assessments Fall

Inspections of corn and wheat for export rose week to week, while soybean assessments declined, according to the USDA.

Corn inspections in the seven days that ended on April 30 were reported at 1.22 million metric tons, up from 1.08 million tons a week earlier, the agency said in a report.

The total also was up from the 976,842 tons inspected during the same week in 2019.

Wheat assessments came in at 535,691 metric tons last week, up from the 506,323 tons inspected a week earlier. That was, however, down from the 540,450 tons assessed at the same time last year, government data show.

Soybean inspections declined, falling to 318,100 metric tons from 561,323 tons. Last week’s assessments also were down from the 603,452 tons examined during the same week a year earlier.

Since the start of the marketing year on September 1, the USDA has inspected 23.5 million metric tons of corn for offshore delivery. That’s well below the 35.6 million tons assessed during the same time frame a year earlier.

Soybean inspections since the beginning of September now stand at 33.8 million metric tons, up from 32.1 million tons during the same period last year.

Wheat assessments since the grain’s marketing year started on June 1 totaled 23 million metric tons, up from about 22 million tons at the same point a year earlier, the USDA said.

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3. Lingering Thunderstorms Possible in Parts of Southern Missouri and Illinois

Thunderstorms are possible in parts of southern Missouri and southern Illinois early today as flooding continues on the Mississippi River, according to the National Weather Service.

Heavy rainfall is forecast, which may result in localized flooding, the NWS said in a report early this morning. Small hail also is possible.

Storms are also possible Thursday and Friday in the region.

Flooding is still an issue due to heavy rainfall recently. At Cape Girardeau, Missouri, the Mississippi River was at 33.6 feet Monday, above the flood stage of 32 feet, the NWS said.

The good news is that the river is forecast to fall below flood stage this afternoon, the agency said.

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