1. Soybean and Corn Futures Rise in Overnight Trading

Soybean and corn futures were higher in overnight trading on signs of dryness in parts of the Midwest ahead of planting.

Extreme drought has again formed over parts of northwestern Iowa along with some areas of severe and moderate drought, according to the U.S. Drought Monitor.

In much of Iowa, the biggest producer of beans and corn, as little as 50% of normal amounts of rain have fallen in the past week, National Weather Service maps show.

In surrounding states including parts of Minnesota, South Dakota, Nebraska, Kansas, and even areas of eastern Iowa, as much as six times the normal amount of rain has fallen in the past seven days, the NWS said.

Still, much of the Midwest will be drier than normal in the next 10 days, Commodity Weather Group said in a report on Monday.

About 4% of the U.S. corn crop was planted as of Sunday, up from 2% the previous week and ahead of the 3% prior five-year average, the U.S. Department of Agriculture said in a report.

In Iowa, 1% has been planted, which is pretty normal for this time of year, and in Illinois, 5% was in the ground vs. the normal 1% for this time of year, the USDA said.

The U.S. spring wheat crop was 11% seeded at the start of the week, well ahead of the five-year average pace of 6%.

Winter wheat conditions were steady from the previous week with 53% rated good or excellent, though at this point last year, 62% earned top ratings, the agency said.

Soybean futures for May delivery rose 4¼¢ to $13.86 ¼ a bushel overnight on the Chicago Board of Trade. Soymeal fell $2.10 to $399.80 a short ton, and soy oil jumped 0.78¢ to 52.23¢ a pound.

Corn futures for May delivery rose 1½¢ to $5.70½ a bushel.

Wheat futures for May delivery gained 3¼¢ to $6.31¼ a bushel, while Kansas City futures lost 1¾¢ to $5.77¼ a bushel.

2. Export Inspections of Corn, Beans, and Wheat All Declined Last Week

Inspections of corn, beans, and wheat for overseas delivery all fell in the seven days that ended on April 8, according to the USDA.

Corn inspections last week totaled 1.58 million metric tons, the agency said in a report.

That’s down from 2.16 million metric tons the previous week, but was still higher than the 1.18 million tons assessed during the same week a year earlier.

Soybean assessments were down to 327,799 metric tons from 384,662 tons the week prior and 475,597 tons the previous year, the government said.

Wheat inspections through April 8 were reported at 458,432 metric tons, down from 635,487 tons a week earlier.

That’s also down from the 662,173 tons examined for offshore delivery during the same week in 2020, the USDA said.

Since the start of the marketing year on September 1, the Ag Department inspected 37.6 million metric tons of corn for export. That’s well above the 20.6 million tons assessed during the same week in 2020.

Soybean inspections since the beginning of September are at 54.8 million metric tons, up from 32.3 million tons at this point last year, the agency said.

Examinations of wheat for overseas delivery since the start of the grain’s marketing year on June 1 now stand at 21.4 million metric tons, narrowly behind the previous year’s 21.5 million tons, the USDA said in its report.

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3. Winter Weather Advisory Issued For Parts of the Northern Plains

A winter weather advisory is in effect for parts of northern Montana, North Dakota, and Minnesota as snow moves into the region, according to the National Weather Service.

Another 1 to 3 inches of snow are expected in the area today along with winds gusting as high as 40 mph, the NWS said in a report early this morning.

Road conditions are expected to be slippery as surfaces turned icy overnight and will remain so as water and slush on the roads freeze, the agency said. Gusty winds also may lead to blowing snow, reducing visibility.

In the southern Plains, meanwhile, thunderstorms are possible today and tonight in parts of the Oklahoma and Texas panhandles.

The possibility of storms remains elevated Wednesday through Friday in the area, though severe weather isn’t expected at this time.