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3 Big Things Today, February 3

Soybeans, Corn Slightly Lower Overnight; Export Sales For Beans Improve, Corn Mixed.

1. Soybeans, Grains Slightly Lower Overnight as Rain Aids Crops in Argentina

Soybeans and grains were modestly lower in overnight trading amid favorable growing weather in much of Argentina.

Showers in parts of northeastern Cordoba, central and southeastern Santa Fe, and eastern Buenos Aires will favor crop development, Commodity Weather Group said in a report. Rain is expected in most growing areas of Argentina, the third-biggest producer of soybeans.

“Most limited rain totals are possible in central Argentina (in the) next two weeks, easing any spotty wetness,” CWG said. “Rains aid yields elsewhere.”

Soybean futures for March delivery fell 1¾¢ to $10.35½ a bushel overnight on the Chicago Board of Trade. Soy meal futures lost 70¢ to $333.10 a short ton, and soy oil declined 0.06¢ to 34.53¢ a pound.

Wheat for March delivery fell 2¾¢ to $4.31¾ a bushel in Chicago, while Kansas City futures lost 1¼¢ to $4.42¼ a bushel.

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2. Export Sales of Beans Rise Week to Week, Corn and Wheat Mixed

Export sales of soybeans rose, while corn was mixed in the week that ended on January 26.

Sales of soybeans rose 16% from the prior week to 623,900 metric tons, the U.S. Department of Agriculture said in a report yesterday. That’s up 28% from the prior four-week average.

China was the biggest buyer, taking 579,900 metric tons, followed by the Netherlands, which bought 219,000 tons. Mexico took 78,800 tons, Japan purchased 57,500 tons, and Bangladesh was in for 57,100 tons, the USDA said.

Corn exports were mixed, as exporters sold 1.14 million metric tons last week, down 17% from the prior seven days but up 21% from the previous four-week average.

Unknown buyers took 235,600 tons, Colombia bought 212,900 tons, and Japan purchased 178,000 tons, according to the USDA. Taiwan was in for 133,900 tons and Morocco bought 80,800 tons for delivery in the marketing year that ends on August 31.

Wheat sales totaled 451,200 tons, down 47% from the prior week but up 8% from the average, the government said. Unknown buyers bought 189,700 tons, Mexico took 78,000 tons, the Philippines purchased 50,000 tons, Taiwan was in for 43,900, and Morocco bought 30,000 tons, the USDA said.

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3. Light Snow, Cold Temperatures Expected in Wisconsin, Southern Plains Warm

Weather maps are mostly quiet this morning with some light snow showers and extremely cold weather in northern Wisconsin, not terribly unusual for early February.

Wind chills are expected to drop as low as -20˚F. this morning, as winds of up to 10 mph cool the air. Staying outdoors is not recommended with such low temperatures, the National Weather Service said in a report on Friday morning.

In the Southern Plains where hard red winter wheat is overwintering, temperatures are expected to top out in the high 60s and low 70s, according to the NWS. Skies are expected to be mostly clear, and a strong breeze with sustained winds of up to 20 mph are forecast for the weekend.

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