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3 Big Things Today, January 15

Soybeans Slightly Higher Overnight; Weekly Export Inspections For Grains, Beans Jump.

1. Soybeans Slightly Higher Overnight on Trade Optimism

Soybeans were slightly higher in overnight trading Tuesday amid cautious optimism about trade relations between the U.S. and China.

President Donald Trump told reporters yesterday that the U.S. is “doing very well with China” and that he believes “we are going to be able to do a deal with China.”

Beijing will send one of its top trade officials to Washington later this month to resume negotiations that, by all reports, went well when negotiators met for more than two days last week.

The countries have a March 1 deadline to come to a trade agreement. If one isn’t reached by then, the U.S. will increase its tariff rate on more than $200 billion worth of Chinese goods to 25% from their current level of 10%, according to the White House.

Soybeans for March delivery rose 1½¢ to $9.05 a bushel overnight on the Chicago Board of Trade. Soy meal gained 60¢ to $312.40 a short ton, and soy oil added 0.01¢ to 28.41¢ a pound.

Corn rose 1¾¢ to $3.80¼ a bushel overnight

Wheat for March delivery added 1½¢ to $5.15¾ a bushel, while Kansas City futures gained 1¼¢ to $5.00¼ a bushel. 

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Today’s 3 Big Things from Successful Farming magazine is brought to you by Golden Harvest Seeds.

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2. Export Inspections of Corn, Beans, Wheat All Jump Week to Week, USDA Says

Export inspections of corn, soybeans, and wheat all jumped in the seven days that ended on January 10, according to the USDA.

The USDA examined 1.01 million metric tons of corn, almost double the 501,565 tons inspected the previous week. The total also was up from 623,643 tons a week earlier.

Soybean inspections totaled 1.09 million metric tons, up from 682,029 tons a week earlier, but still below the 1.24 million tons examined during the same period last year, government data show.

Wheat assessments were reported at 545,804 metric tons, up from 263,918 last week and 422,251 tons during same week in 2018.

Since the start of the marketing year on September 1, inspections of corn are well ahead of the year-earlier pace, while soybeans are woefully behind.

The government has inspected 19.5 million metric tons of corn for overseas delivery since the start of September, up from 12.1 million tons during the same time frame last year.

Soybean inspections, meanwhile, are at 18.4 million metric tons, well below the 30.9 million tons examined at this point last season, according to the USDA.

Wheat inspections since the start of the grain’s marketing year on June 1 are at 13.5 million tons, just behind the 15.2 million tons assessed last year.

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Today’s 3 Big Things from Successful Farming magazine is brought to you by Golden Harvest Seeds.

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3. Winter Weather Advisory in Effect For Iowa, Illinois as Freezing Rain Falls, Snow Expected

A winter weather advisory is in effect for much of  eastern Iowa and western Illinois this morning as freezing rain falls in the region, according to the National Weather Service.

An upper-level weather disturbance is spreading freezing drizzle across the region this morning, and with temperatures in the 20s, roads and sidewalks will become icy, the NWS said in a report early this morning.

The precipitations is expected to continue through the morning. Another storm system will follow that brings snow or a wintry mix of precipitation to the area starting tonight and lasting through Thursday morning.

“A mixture of sleet, snow, and freezing rain will be possible across portions of far southeastern Iowa, northeastern Missouri, and west-central Illinois,” the NWS said. “Light snow will primarily fall to the north of those areas up to the Highway 30 corridor.”

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