3 Big Things Today, April 8, 2025

1. Grains, Soybeans Higher in Overnight Trading

Grain and soybean futures were higher in overnight trading amid unfavorable weather in some growing areas. 

Dry conditions continue in parts of the U.S. southern Plains where hard red winter wheat is growing. 

About 59% of Kansas, the biggest producer of winter wheat in the U.S., is suffering from drought conditions, according to the U.S. Drought Monitor. 

That’s up from 57% a week earlier and 29% three months ago, the monitor said. 

Forty-eight percent of Oklahoma, the second-largest grower of winter varieties, was seeing drought conditions. While that’s unchanged week to week it’s up from only 5.5% three months ago, Drought Monitor data show. 

Some 48% of the U.S. winter wheat crop was in good or excellent condition at the start of the week, the Department of Agriculture said in its first weekly crop progress report of the calendar year. 

That’s down from 56% at the same point last year and 55% in late November when the agency last released a national crop progress report. 

Also giving wheat a boost are concerns about freezing weather in the eastern Midwest where soft red winter varieties are grown. 

Freeze warnings have been issued in areas where the grain is growing including southern Illinois, Missouri, and northern Arkansas. 

In Brazil, meanwhile, rainfall in southern growing areas will slow the first corn and soybean harvest, said Don Keeney, an agricultural meteorologist with Maxar. 

Precipitation in northeastern and southwestern areas of Argentina will slow the harvest in the South American country, though dry weather in other growing areas will favor fieldwork, he said. 

Wheat futures for May delivery rose 5¾¢ to $5.42¼ a bushel overnight on the Chicago Board of Trade, while Kansas City futures added 4¾¢ to $5.64 a bushel. 

Corn futures gained 2¢ to $4.66½ a bushel.

Soybean futures for May delivery rose 9¾¢ to $9.92¾ a bushel. Soymeal was up $2.10 to $290.50 a short ton, and soy oil lost 0.2¢ to 45.35¢ a pound.

2. Export Inspections Lower Across the Board

Export inspections were lower across the board in the week through April 3, according to data from the Ag Department. 

Corn assessments last week totaled 1.58 million metric tons, down from 1.65 million the week prior, the agency said. 

That’s still above the 1.46 million tons examined during the same week a year earlier. 

Soybean inspections declined to 804,270 metric tons from 813,069 tons the previous week, but well ahead of the 491,872 tons that were assessed at the same point in 2024. 

Examinations of wheat for offshore delivery dropped to 334,888 metric tons from 501,509 tons a week earlier, USDA said. That was also well below the 516,835 tons assessed during the same week last year. 

Since the start of the marketing year on Sept. 1, the government has inspected 35.6 million metric tons of corn for export, up from 27.4 million tons during the same timeframe a year earlier, the agency said. 

Soybean assessments since the beginning of September now stand at 41.6 million metric tons, up from 37.6 million in the same period last year. 

Wheat inspections since the start of the grain’s marketing year on June 1 are at 17.7 million metric tons up from the 15.4 million tons assessed at this point a year ago, USDA said in its report. 

3. Freeze Warnings in Effect From Kansas to Ohio

Freeze warnings remain in effect this morning from northeastern Kansas east into southern Ohio and south into the Gulf Coast, according to National Weather Service maps. 

Temperatures in southern Missouri and northern Arkansas were expected to drop as low as 27° Fahrenheit overnight, the agency said. 

In central and southern Illinois, values were forecast as low as 26°F, NWS said. 

Flood warnings are in effect until tomorrow afternoon in much of central and southern Indiana and almost all of Kentucky. Several rivers have overrun their banks, though some have crested and are already falling, the agency said.