3 Big Things Today, April 30, 2024

1. Wheat futures drop in overnight trading

Wheat futures were lower in overnight trading amid favorable weather in several global growing areas. 

Rain was as expected in parts of the Canadian Prairies this week, and showers will improve soil moisture levels in the region ahead of spring wheat planting, said Don Keeney, an agricultural meteorologist with Maxar. 

In Australia, rainfall in the states of New South Wales and Western Australia will give wheat a boost, though soil moisture is short in other growing areas of the country, the forecaster said. 

Rain in the Black Sea region favored parts of eastern Ukraine and will fall in the eastern Volga Valley through Friday, Keeney said. 

In the U.S., spring planting rolls on.

About 27% of the corn crop was in the ground at the start of the week, up from 12% a week earlier, the U.S. Department of Agriculture said in a report. 

Eighteen percent of soybeans were planted as of Sunday, up from 8% seven days earlier. 

About 34% of U.S. spring wheat was planted, up from 15% a week earlier. Five percent has emerged, up from 2%, USDA said. 

Winter wheat conditions declined slightly, falling 1 percentage point to 49% good or excellent. Thirty percent of the crop was headed at the beginning of the week, up from 17% a week earlier, the government said. 

Wheat futures for July delivery dropped 5¾¢ to $6.02¾ a bushel overnight on the Chicago Board of Trade, and Kansas City futures lost 6¼¢ to $6.44¼ a bushel. 

Corn futures were down 1¼¢ to $4.48 a bushel. 

Soybean futures for July delivery fell 1/4¢ to $11.81¾ a bushel. Soymeal was up $6.50 to $360.80 short ton, and soy oil plunged 1.24¢ to 43.13¢ a pound. 

2. Weekly corn, bean inspections for export decline

Inspections of corn and beans for overseas delivery declined week to week while wheat assessments improved, according to data from USDA. 

Corn inspections in the seven days through April 25 fell to 1.23 million metric tons, the agency said in a report. 

That’s down from 1.66 million a week earlier and 1.52 million during the same week a year earlier. 

Soybean assessments totaled 250,332 tons, down from 443,508 tons the previous week and 407,973 tons at the same point last year, the government said. 

Wheat inspections, meanwhile, were up to 481,183 tons last week, up from 450,323 tons the week prior and 365,543 tons in the same week in 2023. 

Since the start of the marketing year on Sept. 1, USDA has inspected 31.6 million metric tons of corn for export. That’s up from the 23.9 million tons assessed during the same timeframe a year earlier. 

Soybean inspections since the beginning of September now stand at 38.7 million tons versus 47.5 million during the same period last year, the agency said. 

Examinations of wheat for offshore delivery were reported at 16.9 million tons, down from the 18.3 million that was assessed at this point a year ago, USDA said in its report. 

3. Storms forecast for much of central Iowa

Thunderstorms are expected in much of central Iowa late this afternoon into the evening, according to the National Weather Service.

Some storms may turn severe, producing large hail and damaging winds, NWS said. 

“A few tornadoes are possible as well,” the agency said.

Thunderstorms will move to the area tomorrow and Thursday, though the threat of severe weather looks low at this time. 

In northern Illinois, storms will roll in late tonight, NWS said. Rainfall is expected in the next few days. Isolated flooding is ongoing in the area as the Illinois River is overrunning its banks in several areas, the agency said.