1. Grain and Soybean Futures Jump in Overnight Trading

Grain and soybean futures jumped in overnight trading as cold weather heads into U.S. growing areas.

Extremely cold weather is expected in parts of the U.S. Midwest and Plains this week.

That may curb production of winter wheat that’s growing in the southern Plains and eastern Midwest and stunt output of recently seeded corn and beans in the Midwest.

Blizzard warnings have been issued in parts of western South Dakota along with winter weather advisories as cold air and snow move into the Corn Belt, according to the National Weather Service.

Freeze warnings abound in the southern Plains where hard-red winter wheat is heading, and winter-weather advisories and watches have been issued from West Texas northeast into southern Michigan, NWS weather maps show.

In northern Indiana and southern Michigan, temperatures may drop as low as 24°F. overnight Tuesday into Wednesday, the forecaster said.

Temperatures are also expected to fall into the low- to mid-20s in several states including Kansas, Nebraska, Missouri, Iowa, and Illinois.

Corn futures for May delivery jumped 9¾¢ to $5.95¼ a bushel overnight on the Chicago Board of Trade.

Wheat futures for May delivery gained 4¼¢ to $6.56¾ a bushel, while Kansas City futures added 6½¢ to $6.15¾ a bushel.

Soybean futures surged 12¼¢ to $14.45½ a bushel. Soymeal added $2.80 to $405 a short ton, and soy oil gained 0.02¢ to 56.35¢ a pound.

2. Money Managers Raise Net-Long Positions in Corn Futures

Hedge funds and other large investors increased their net-long positions, or bets on higher prices, on corn while reducing bullish bets on soybeans, according to the Commodity Futures Trading Commission.

Investors in the seven days that ended on April 13 increased their net longs in corn to 397,231 futures contracts, up from 379,642 contracts the previous week, the CFTC said in a report. That pushed bullish bets on corn to multiyear highs.

Speculators, however, reduced their net-long positions in soybeans to 130,313 futures contracts last week.

That’s down from 141,143 contracts a week earlier and the smallest bullish positions since the week that ended on August 25, government data show.

For wheat, fund managers reduced their bullish positions in hard-red winter futures to 10,775 contracts. That’s down from 13,935 contracts a week earlier.

Money managers increased their net-short positions, or bets on lower prices, in soft-red winter wheat last week to 19,163 futures contracts, the CFTC said in its report.

That’s up from 12,008 contracts a week earlier, the agency said.

The weekly Commitments of Traders report from the Commodity Futures Trading Commission shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are betting futures will decline.

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3. Freeze Warnings Issued in Southern Plains as Temperatures May Hit 23°F.

Hard-freeze and freeze warnings have been issued for parts of the southern Plains where hard-red winter wheat is emerging from winter dormancy.

In the Oklahoma and Texas panhandles, temperatures overnight are expected to drop as low as 24°F., according to the National Weather Service.

Winds of 30 to 40 mph are expected, the agency said in a report early this morning.

In southwestern Kansas, where a freeze warning has been issued for overnight into Tuesday morning, temperatures may drop as low as 23°F., the agency said.

A freeze watch also is in effect for parts of Kansas, where temperatures as low as 27°F. are possible.

In parts of Iowa and Illinois, the biggest producers of corn and soybeans, a freeze watch has been issued starting tomorrow.

Temperatures are expected to fall into the upper 20s Tuesday evening into Wednesday morning, the NWS said.