Wheat futures dropped in overnight trading on favorable conditions for the U.S. winter crop. As much as six times the normal amount of rain has fallen in parts of the Oklahoma and Texas panhandles in the past week, according to data from the National Weather Service’s precipitation page. Fifty-six percent of U.S. winter wheat was in good or excellent condition as of Sunday, unchanged from the previous week, the Department of Agriculture said in a report. Still, the rain in the southern Plains has missed areas including parts of southwestern Kansas and the southern Texas panhandle, NWS precipitation maps show. Spring wheat planting continues with 3% now in the ground, up from 1% a week earlier and on par with the average for this time of year, USDA said. Corn sowing also is underway in the U.S. with 3% planted, up from 2% seven days earlier and the average of 2%. Soybean futures were modestly lower as the harvest rolls on in Brazil, the world’s largest exporter of the oilseeds. About 78% of the South American country’s crop was collected as of Thursday, up from 74% a week earlier, consultancy AgRural said in a report. Wheat futures for May delivery fell 6¢ to $5.59¾ a bushel overnight on the Chicago Board of Trade, and Kansas City futures dropped 4¾¢ to $5.80½ a bushel. Corn futures were down ¾¢ to $4.34 3/4 a bushel. Soybean futures for May delivery lost 4¢ to $11.77½ a bushel. Soymeal dropped $2.70 to $333.30 a short ton and soy oil rose 0.01¢ to 47.91¢ a pound.

Soybean and grain inspections for offshore delivery were lower across the board in the week that ended on April 4, according to a report from USDA. Inspections of soybeans declined to 484,328 metric tons, down from 547,351 tons seven days earlier, the agency said. That’s also down from the 678,920 tons assessed in the same week last year. Examinations of corn for export fell to 1.42 million tons from 1.47 million a week earlier. Last week’s total was up from the 839,165 tons inspected at the same point in 2023. Wheat assessments dropped to 497,534 tons from 569,147 tons the previous week, the government said. That compares with 390,044 tons at the same point in 2023. Since the start of the marketing year on Sept. 1, USDA has inspected 37.6 million metric tons of soybeans for export, down from 46.1 million tons during the same timeframe a year ago.