1. Soybeans, Corn and Wheat All Lower Overnight

Soybeans and corn were lower overnight amid optimism about crops in Brazil while wheat declined on favorable weather in the U.S. southern Plains.

Brazilian consultancy CONAB said in a report that it now expects soybean production at 135.1 million metric tons, up slightly from the previous outlook.

Corn output is pegged at 108 million metric tons, which would be a record if realized, CONAB said. That’s well above the previous year’s total as the weak first crop is expected to be offset by a strong second crop, the agency said.

For wheat, rainfall in the southern Plains will give crops that are emerging from winter dormancy a much-needed drink of water.

Showers and thunderstorms are forecast by the National Weather Service to roll across southern Kansas this morning.

“Areas of rain and thunderstorms are expected to increase in coverage and intensity on Saturday and continue into Saturday night,” the NWS said. “A few severe thunderstorms will be possible especially across southwest Kansas Saturday afternoon. Thunderstorms are expected to increase in coverage and produce heavy rain Saturday afternoon into Saturday night.”

Some of the rains, however, could produce flooding in some areas.

Soybean futures for May delivery dropped 9 3/4¢ to $14.03 ¾ a bushel overnight on the Chicago Board of Trade. Soymeal fell $3.70 to $401.10 a short ton, and soy oil lost 0.02¢ to 54.59¢ a pound.

Corn fell 5 3/4¢ to $5.32 ¾ a bushel in overnight trading.

Wheat futures for May delivery lost 3¢ to $6.39 ½ a bushel, while Kansas City futures were unchanged at $6.04 ¼ a bushel.

2. Weekly Export Sales Higher Across the Board, Still Not Great

Export sales of grains and beans all rose week-to-week in the seven days that ended on March 4, according to the USDA.

Corn sales to overseas buyers jumped to 395,500 metric tons from a marketing-year low of 115,900 tons a week earlier, the agency said in a report. The total was still down 48% from the prior four-week average.

Taiwan was the big buyer at 135,200 metric tons, followed by South Korea at 127,600 tons and Mexico at 108,000 tons. Vietnam took 63,700 tons and Kuwait purchased 41,100 tons.

Net sales would’ve been higher but an unnamed country canceled shipments for 180,900 tons.

Exports fell 21% week-to-week to 1.59 million metric tons.

Wheat sales jumped 50% to 329,500 metric tons, but that was down 4% from the four-week average, the government said.

Mexico bought 111,500 metric tons, Japan purchased 56,100 tons, Thailand was in for 53,300 tons, Vietnam took 44,000 tons and Ecuador bought 30,500 tons of U.S. wheat last week.

Unknown destinations canceled shipments of 51,000 metric tons, the USDA said.

Exports for the week rose 15% to 468,700 metric tons.

Soybean sales totaled 350,600 metric tons, up 32% from the previous week, but down 5% from the average, the agency said.

China was the big buyer, but only took 90,200 metric tons, Indonesia bought 81,000 tons, Mexico was in for 77,900 tons and Egypt purchased 64,8700 tons, the USDA said. Unnamed countries canceled cargoes of 125,300 tons.

Exports for the week totaled 705,100 metric tons, down 36% from the previous week, the USDA said in its report.

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3. Flood Warnings Issued in Missouri While Wyoming Hit by Winter Weather

Flood warnings and watches are in effect in about half of Kansas, southern Missouri and counties in southern Illinois and Indiana this morning, according to the National Weather Service.

In southern Missouri, as much as 3 inches of rain has already falling as severe thunderstorms hit the region, the NWS said in a report early this morning.

Several creeks and rivers are expected to overrun their banks including the Marmaton River, which is expected to rise above flood stage of 20 feet by early Sunday and crest at about 25.2 feet by Monday evening.

The Big Piney River is expected to top flood levels by Saturday morning and crest at 12.6 feet on Sunday morning. Flood stage below Fort Leonard Wood’s east gate is 8 feet.

Further north and east, winter storm warnings and watches have been issued for parts of eastern Wyoming and western Nebraska.

In Wyoming, heavy snow is expected with accumulations of 22 to 34 inches along with a light glaze of ice, the NWS said.  The winter storm warning in the area starts at 11 p.m. local time tonight and lasts through 6 a.m. Monday.

Winds in the state are expected to top 50 miles an hour. Travel is expected to be difficult to impossible.

“Blowing snow could significantly reduce visibility and result in drifting snow on area roadways,” the agency said. “Power outages are possible.”