1. CORN, SOYBEANS LOWER OVERNIGHT ON FAVORABLE SOUTH AMERICAN WEATHER
Corn and soybean futures were lower in overnight trading on favorable weather conditions in South America.
About 2 to 4 inches of rain fell in central and northwest Mato Grosso, a major growing state in Brazil, over the weekend, according to Commodity Weather Group. Frequent showers in areas where the safrinha corn crop is being grown have limited concerns about dryness, the forecaster said.
In some areas of southern Brazil where too much rain fell recently, a drying trend continues this week, which will help ease wetness concerns, CWG said.
Corn futures for May delivery lost 1½¢ to $3.62 a bushel overnight on the Chicago Board of Trade.
Soybean futures for May delivery declined 1¾¢ to $9.97¾ a bushel. Soy meal fell $1.4 to $325.2 a short ton, and soy oil rose 0.16¢ to 32.90¢ a pound.
Wheat futures for May delivery dropped 2¢ to $4.28¼ a bushel, and Kansas City wheat declined 3¼¢ to $4.42 a bushel.
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2. CORN INSPECTIONS DOWN WEEK OVER WEEK, SOYBEAN INSPECTIONS IMPROVE
Inspections of corn for export by the U.S. Department of Agriculture fell week over week, while soybeans saw an increase.
Government officials inspected 1.33 million metric tons of corn for overseas delivery in the seven days that ended on March 16, the USDA said in a report. That’s down from 1.57 million the prior week.
Despite the lower week-over-week totals, inspections since the start of the marketing year on September 1 have almost doubled to 30.3 million tons from 17.6 million during the same time frame a year earier, according to the USDA.
Soybean inspections rose to 737,255 tons from 676,560 tons a week earlier, according to the department.
For the marketing year, soybean inspections have risen to 45.8 million tons from 41 million during the same period last year.
Wheat inspections last week totaled 624,334 metric tons, up from 544,166 tons a week earlier. Since the start of the wheat marketing year on June 1, the USDA has inspected 20.7 million tons of the grain for shipment to overseas buyers, well above the 16.1 million during the same time frame a year earlier, the agency said.
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3. POSSIBILITY OF RAINFALL CREEPS INTO SOUTHERN PLAINS WEATHER FORECAST
The possibility of rain has crept its way into the Southern Plains forecast for later this week, which would bring much-needed relief to the region.
There’s a marginal risk that a thunderstorm will develop on Thursday afternoon into the evening in the region, the National Weather Service said in a report on Tuesday morning.
The storms, however, could be accompanied by hail and strong winds, which likely wouldn’t be ideal for delicate plants that have recently emerged from winter dormancy. Still, precipitation would be welcome.
Little or no rain has fallen in at least the past 30 days in much of the Southern Plains including southwestern Kansas and the Oklahoma and Texas panhandles, NWS data show.
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