1. Soybeans lower in overnight trading
Soybean futures fell in overnight trading on forecasts for wet weather in the U.S. Midwest.
Precipitation is expected in parts of the Corn Belt and Delta into early next week, Commodity Weather Group said.
The western Midwest will see follow-up rains in the next six to 10 days, though hot weather will keep things somewhat dry, the forecaster said. More rain is expected in the 11- to 15-day outlook in the southern and western Corn Belts.
The Brazilian harvest also is putting a damper on soybean prices.
The crop in the South American country, the world's largest shipper of the oilseeds, is now almost 90% complete, according to consultancy Conab.
That will add supply to the market and make U.S. soybeans less attractive to overseas buyers.
Soybean futures for July delivery fell 3 1/4¢ to $11.76 1/2 a bushel overnight on the Chicago Board of Trade. Soymeal was down $2 to $345.60 short ton and soy oil rose 0.14¢ to 45.57¢ a pound.
Corn futures were down 1/4¢ to $4.51 3/4 a bushel.
Wheat futures for July delivery rose 1/2¢ to $6.21 a bushel, and Kansas City futures gained 2¢ to $6.42 1/2 a bushel.
2. Corn sales surge, wheat sales plunge, USDA says
Sales of corn to overseas buyers jumped in the seven days that ended on April 18, according to data from USDA.
Corn sales rose to 1.3 million metric tons, up from 501,200 tons a week earlier, the agency said. That's also up 74% from the prior four week average.
Mexico purchased 390,500 metric tons, South Korea was in for 252,000 tons, Japan took 233,200 tons, Saudi Arabia was in for 142,400 tons and Taiwan bought 140,700 tons, USDA said.
The total would've been higher but an unnamed country canceled orders for 219,400 tons.
Exports of corn for the week rose 11% week to week to a marketing year high of 1.71 million tons.
Wheat sales dropped to 82,000 metric tons last week, down from 93,600 tons the week prior and 4% from the average, the government said.
China was in for 72,200 metric tons, Guatemala purchased 21,100 tons, Indonesia bought 20,100 tons, Ecuador took 20,000 tons and Honduras bought 13,800 tons of U.S. wheat.
Sales for delivery in the marketing year that starts on June 1 were reported at 371,900 metric tons.
Wheat exports for the week totaled 573,900 tons, up 18% from the previous week, USDA said.
Soybean sales were also down, falling to 210,900 metric tons, a 57% drop from the previous week and 29% from the average, the agency said.
China was the big buyer at 167,500 tons, followed by Mexico at 87,800 tons and Indonesia at 67,500 tons. Vietnam and Colombia both purchased 6,200 tons from U.S. supplies.
An unknown country canceled cargoes of 136,800 tons.
Exports for the week fell 13% to 417,500 metric tons, USDA said in its report.
3. Strong storms rolling through Oklahoma, Texas
Severe thunderstorm warnings have been issued for parts of eastern Oklahoma, according to the National Weather Service.
Winds this morning will gust up to 60 miles an hour, NWS said. Damage to roofs, siding and trees is likely.
A tornado warning had been issued for the area but expired early this morning.
Strong storms are forecast to roll across Oklahoma and north Texas today, bringing wind and hail the size of golf balls to the region, the agency said. Wind gusts may hit up to 80 mph.
Thunderstorms are expected in the area daily through Sunday, NWS said.
