WHEAT FUTURES MIXED AS CORN AND BEANS RISE OVERNIGHT

Wheat futures were mixed in overnight trading while corn and beans rose.

Chicago wheat futures fell overnight amid some profit-taking from speculative investors and on signs of weak demand for U.S. supplies.

Export sales of wheat for the week that ended on April 14 dropped to a marketing-year low, according to the U.S. Department of Agriculture.

That’s not terribly unusual for this time of the year, however, with just over a month to go in the 2021-2022 marketing year for wheat.

Still, the only export sales report from the USDA this week was for 123,650 metric tons of soybeans to an unnamed buyer. No wheat or corn sales were reported by the agency.

On the weather front, meanwhile, little or no rain has fallen in a wide stretch from South Dakota south into West Texas in the past 30 days, according to the National Weather Service’s precipitation page. That area includes the Oklahoma and Texas panhandles where hard-red winter wheat is growing.

Kansas City wheat futures rose overnight on concerns about the weather in the southern Plains, where winds are expected to be extremely strong this weekend. 

About 30% of the U.S. winter-wheat crop was in good or excellent conditions at the start of this week, down from 32% a week earlier, the USDA said. At this point last year, 53% of the crop earned top ratings. 

Some 7% of the crop was headed as of Sunday, behind the prior five-year average of 12%, the government said. 

Investors continue to keep an eye on what’s going on in Ukraine.

Russia has stepped up its attacks, and Ukraine officials said they’ve had to shutter humanitarian corridors for fleeing civilians because they’re too dangerous.

U.S. President Joe Biden said yesterday that the U.S. will send an $800 million weapons package to Ukraine, including more heavy artillery and drones.

Wheat for May delivery lost 3½¢ to $10.73 a bushel overnight on the Chicago Board of Trade while Kansas City futures gained 3½¢ to $11.47 a bushel.

Corn futures rose 4¼¢ to $7.99½ a bushel. 

Soybean futures for May delivery rose 4¢ to $17.23½ a bushel. Soymeal dropped $4.10 to $459.80 a short ton, while soybean oil futures jumped 2.17¢ to 81.81¢ a pound.

Source: https://www.agriculture.com/news/three-big-things/3-big-things-today-april-21-2022