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Wheat Drops After Weekend Precipitation

Rains fell over the weekend providing timely rains to a stressed winter wheat crop

Cody Headshot

In the overnight session corn traded down 2 cents, soybeans traded up 1 1/4 cent and wheat traded down 14 3/4 cents this morning on timely rains over the weekend that lowered concerns of serious crop damage from the dry conditions developing across the panhandle, western Oklahoma and western Kansas. Between .5-1.5 inches of rain fell in the Texas panhandle and western third of Kansas over the weekend and between .25-.75 inches of rain was seen across most of Iowa, southern Minnesota and northern part of Missouri.

Crop progress will be released at 3 PM CST later today and will provide an update on the winter wheat conditions as well as planting progress for corn. Last week the USDA reported that there was 44 percent of winter wheat in good to excellent condition, up from last year’s level of 35 percent good to excellent.

On Wednesday April 15th the March NOPA crush numbers will be released. Analysts are expecting 155.261 million bushels of soybeans to have been crushed for the month of March, the largest on record since last year’s record of 153.840 million bushels. Analysts are also expecting soyoil stocks to come in at 1.383 billion pounds, up from 1.322 billion pounds last month.

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