3 Big Things Today, May 3

1. Soybeans Jump to 15-Month High as Argentina Rain Hurts 9 Million Tons

Soybeans jumped to the highest price in more than a year overnight after Argentina's state weather agency said about 9 million metric tons of the oilseeds were ruined by storms last month.

Futures rose to a 15-month high as crops languished in wet, muddy fields, as excessive rain kept farmers from harvesting beans for the past several weeks. The weather finally broke about a week ago, but it's likely too late for most plants.

Production likely will fall about 15% due to the precipitation, the state agency said, according to Reuters. Dry weather will persist for the next 10 days in bean-producing areas of Argentina, forecaster Commodity Weather Group said in a report.

Soybean futures for July delivery jumped 9¾¢ to $10.53½ a bushel overnight on the Chicago Board of Trade. Soy meal futures added $4.50 to $351.80 per short ton, while soy oil rose 0.05¢ to 32.55¢ a pound.

Corn futures for July delivery gained ¾¢ to $3.92½ a bushel in Chicago.

Wheat futures for July delivery rose 2¾¢ to $4.90½ a bushel in Chicago. Kansas City wheat added 2½¢ to $4.76¾ a bushel overnight.

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2. U.S. Corn Farmers Keep Planting Even as Rainfall Hits Midwest

The Post Office doesn't have anything on U.S. corn farmers.

Growers managed to get into fields and get corn planted despite rain and hail in many parts of the Midwest last week, according to the Department of Agriculture.

Some 45% of corn was seeded as of May 1, up from 30% just seven days earlier, the USDA said in a report on Monday. In Iowa, farmers are 57% finished with planting, up 17 percentage points from the prior week. In Illinois, seeding is 66% complete vs. 42% the prior week.

Most of Nebraska, where farmers are 26% finished with planting from 16% a week earlier, had as much as six times normal amounts of precipitation fall in the past seven days, according to the National Weather Service. Parts of Iowa and Illinois also received six times the normal rainfall.

Other parts of eastern Iowa and northern Illinois, however, received less-than-normal precipitation last week, allowing growers into fields.

Dry weather will reign this week in the Midwest, which will allow for "substantial planting progress, particularly given the slightly lesser weekend rain totals compared with expectations," Commodity Weather Group said.

Rain is expected to fall starting early next week, which could delay planting that isn't complete, the forecaster said.

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3. Thunderstorms Bring Flash Flooding to Appalachia, Mississippi Valley

Thunderstorms that brought rain, hail, and tornadoes last week to parts of Nebraska and Iowa have moved north and are causing trouble in the Mississippi River Valley, while snow falls in the mountains and foothills.

"Heavy rain with localized flash flooding remains possible over the central Appalachians and lower Mississippi Valley," the National Weather Service said in a report on Tuesday. "Heavy snow and cold temperatures continue from the Central Plains to the northern Rockies."

The storm has left the Missouri River and its tributaries in Nebraska, Kansas, Missouri, and Arkansas over its banks in many areas as flash flood warnings have been issued.

Participants on the Kansas Wheat Tour likely will see dense fog as they set out to measure crops on the first day of the annual event put on by the Wheat Quality Council. Field scouts likely will face wet fields on day two, as recent rains may have muddied fields in western Kansas and Oklahoma.

The Midwest is expected to be mostly dry for the rest of the week, which will help speed harvest. Rain could start in some parts of the region beginning on Saturday, according to the NWS.

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