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3 Big Things Today, January 23

Soybeans, Corn Rise Overnight; Export Inspections Mostly Higher Week to Week.

1. Soybeans, Corn Rise Overnight on Brazil Weather

Soybeans and corn were cautiously higher in overnight trading as dry weather continues to threaten crops in Brazil.

Hot and dry weather with temperatures in the 90s is expected through the end of the week and will again build next week in northern and central parts of the South American country, Commodity Weather Group said in a report.

Less rain than expected fell over the weekend in the center-south and center-west parts of Brazil, where temperatures were also in the mid- to upper 90s, the forecaster said. Consultancy Celeres last week lowered its forecast for Brazil soybean output, underpinning prices.

Still, investors are keeping an eye on the ongoing negotiations between the U.S. and China. Talks between the countries earlier this month that seemed to go well lacked progress on some core demands from the U.S., mostly on intellectual property theft, according to media reports.

The Financial Times and CNBC both reported on Tuesday that a scheduled visit by a top trade official from Beijing may now be on hold as the sides work out some differences. Whether that trip happens remains to be seen.

Soybeans for March delivery rose 4¼¢ to $9.13½ a bushel overnight on the Chicago Board of Trade. Soy meal added 40¢ to $313.40 a short ton, and soy oil gained 0.21¢ to 29.27¢ a pound.

Corn rose 1¾¢ to $3.80¾ a bushel overnight

Wheat for March delivery added 2½¢ to $5.23¾ a bushel, while Kansas City futures rose 2¾¢ to $5.12½ 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 Higher Week to Week, Wheat Assessments Decline

Exports inspections of corn and soybeans were higher week to week, while wheat assessments declined, according to the USDA.

The government examined 1.11 million metric tons of corn for overseas delivery in the seven days that ended on January 17, up from 1.01 million the previous week, the USDA said in a report. That’s also up from the 723,171 tons inspected the same week in 2018.

Soybean inspections also rose to 1.11 million metric tons from 1.09 million tons the previous week, the department said. That’s down, however, from 1.42 million tons assessed during the same week last year.

Wheat assessments, meanwhile, declined to 516,643 metric tons last week, down from 546,783 tons, the USDA said in its report. The total was up vs. the same week in 2018 when the government examined 423,620 tons for overseas delivery.

Since the start of the marketing year on September 1, the USDA has examined 20.6 million metric tons of corn for export. That’s up from 12.8 million tons during the same period last year.

Soybean inspections are still well behind their year-earlier total amid an ongoing trade spat with China. So far, only 19.5 million tons have been inspected, down from 32.3 million tons during the same time frame the previous year.

Wheat assessments since the start of the grain’s marketing year also trail the year-earlier period. The USDA has inspected 14 million tons for overseas delivery, down from 15.6 million 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. Blizzard Warning in Effect For Dakotas, Minnesota; Winter Storm Still Hitting Iowa, Wisconsin

A blizzard warning is in effect for much of eastern North Dakota, northeastern South Dakota, and the western edge of Minnesota, while a winter storm warning is in effect for parts of Iowa and Wisconsin, according to the National Weather Service.

Blizzard conditions are expected starting at about 6 p.m. tonight and lasting through Thursday afternoon, the NWS said in a report early this morning.

Winds gusting up to 45 mph will cause blowing snow and reduce visibility. Wind chills as low as -40˚F. will make being outside dangerous, according to the agency.

In eastern Iowa, northwestern Illinois, and southern Wisconsin, meanwhile, heavy snow is expected to continue falling through late morning. Parts of west-central Illinois are dealing with a mix of rain and snow, and a changeover to only snow is expected this morning, the NWS said.

“Bands of moderate to briefly heavy snow will impact most of eastern Iowa and northwest Illinois through the mid to late morning,” the agency said in its report. “There may be a lull in the steadier snow for one to two hours before it picks up again during the final wave of accumulating snow.”

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