Sports News

3 Big Things Today, May 3, 2024

1. Grains, soybeans higher in overnight trading 

Wheat futures surged in overnight trading and corn and soybeans were higher amid concerns about global crops and on technical buying. 

Crops in Russia and eastern Ukraine continue to suffer from dry weather, according to weather reports. 

Rains will miss 40% of southern Russia and 25% of wheat fields in eastern Ukraine, Commodity Weather Group said in a note to clients. 

Precipitation is expected in the U.S. northern Plains and Canada, which will slow fieldwork but add moisture to soils, the forecaster said. The 16- to 30-day outlook shows dryness and yield loss in wheat in parts of the central Plains. 

In the U.S. southern Plains, where hard red winter varieties are growing, little or no rain has fallen in the past two weeks, according to the National Weather Service’s precipitation map. 

Heavy rain in southern Brazil will delay the soybean harvest in the South American country for the next 10 days, CWG said. 

Wheat futures for July delivery jumped 12¾¢ to $6.17 a bushel overnight on the Chicago Board of Trade, and Kansas City futures added 16¼¢ to $6.52¾ a bushel. 

Corn futures gained 4¼¢ to $4.64 a bushel. 

Soybean futures for July delivery gained 8¼¢ to $12.07¼ a bushel. Soymeal was up $4.50 to $369.40 short ton, and soy oil fell 0.09¢ to 43.15¢ a pound. 

2. Soybean sales to overseas buyers surge

Export sales of soybeans jumped week to week while corn sales fell, according to data from the U.S. Department of Agriculture.

Soybean sales to overseas buyers in the week that ended on April 25 were reported at 414,000 metric tons, USDA said. That’s up 96% from the previous week and 45% from the prior four week average. 

Egypt was the big buyer at 146,000 tons, followed by Indonesia at 112,000 tons, and Japan at 92,800 tons. Taiwan bought 26,300 tons and Colombia purchased 25,600 tons. 

Exports for the week came in at 269,100 tons, down 36% from the previous week and the lowest since the marketing year started on Sept. 1. 

Corn sales, meanwhile, dropped 42% from the previous week and 1% from the average, USDA said. 

Japan bought 267,400 tons, Mexico purchased 190,800 tons, South Korea took 140,700 tons, Colombia was in for 50,400 tons, and Nicaragua bought 27,600 tons. The total would have been higher but an unnamed country canceled orders for 16,800 tons. 

Exports for the week totaled 1.38 million tons, down 19% from the previous week. 

Wheat sales for the 2023/2024 marketing year that ends on May 31 were reported at 20,300 tons, down considerably week to week and from the prior four week average, USDA said. 

Nigeria purchased 33,000 tons, Colombia was in for 22,000 tons, Italy bought 19,700 tons, Indonesia took 10,000 tons, and Mexico bought 6,500 tons. An unnamed country nixed shipments of 115,000 tons and Ecuador canceled orders for 20,000 tons. 

For the 2024/2025 marketing year, sales came in at 406,900 metric tons, the agency said.

Wheat sales for the week through April 25 totaled 508,600 tons, down 11% from the previous week, USDA said in its report. 

3. Flood warnings issued in northern Missouri

Flood warnings are in effect for several counties in northern Missouri this morning, according to the National Weather Service.

The flood warnings will remain in effect until Tuesday, NWS said in a report early this morning. 

The Grand River will reach 35.1 feet near Sumner, Missouri, early Saturday, well above flood stage of 26 feet, the agency said. Near Pattonsburg, the river overnight hit 28.7 feet, topping flood level of 25 feet, but is expected to recede throughout the weekend. 

In eastern Iowa, scattered thunderstorms are expected late tonight with gusty winds and lightning the biggest hazards. The storms may linger tomorrow and could return late Monday into Tuesday, NWS said. 

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