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3 Big Things Today, January 10

Corn, Beans Lower in Overnight Trading; Conab Forecasts Increased Production in Brazil.

1. Corn, Beans Lower in Overnight Trading on Weak Export Sales

Corn and soybeans were lower in overnight trading as investors turn their attention to demand for U.S. supplies.

Exporters sold 429,000 metric tons of corn, down 55%, in the week that ended on December 29, the Department of Agriculture said on Friday. Bean sales plunged 91% to 87,500 after cancellations by unknown buyers. Wheat sales declined 68% to 183,700 tons in the week.

Sales for all three commodities reached marketing-year lows in the same week.

Corn futures for March delivery declined 2¢ to $3.58 a bushel overnight on the Chicago Board of Trade.

Soybeans declined 6½¢ to $9.98¾ in Chicago. Soy meal futures declined $1.80 to $312.10 a short ton, and soy oil futures lost 0.23¢ to 35.26¢ a pound.

Wheat for March delivery in Chicago fell 2¼¢ to $4.25 a bushel, and Kansas City futures declined 2¾¢ to $4.35¾ a bushel overnight.  


2. Brazil Farmers to Have Banner Year as Ag Production Rises, Conab Says

It’s going to be a good year for Brazilian farmers, according to a state agency that’s forecasting production gains for pretty much every commodity grown in the country.  

Brazil’s crop-supply agency Conab said in a report this morning that it now expects total grain production for the 2016-2017 marketing year to increase 15% to 215.3 million tons.

The increase is due to improved weather in much of Brazil, which helped increase average yields, Conab said in Tuesday’s report. The total area planted with grains is likely to increase by 1.3% to 59.1 million hectares (146 million acres).

Soybean output will rise 8.7% to 103.8 million tons, while the area planted with the oilseeds grew 1.6%, according to the agency. Rice and cotton production are both expected to grow about 10% from last year despite declining area devoted to the commodities.

At the end of the winter harvest last year, wheat output was up almost 22% year over year to 6.7 million tons, barley production was up almost 43%, and canola output increased, Conab said.

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3. Winter Weather to Hit Much of Upper Midwest Tuesday

Wintry weather will hit much of the Upper Midwest today as a storm moves through the region.

Snow and freezing rain are expected in some parts of Wisconsin that are in a winter storm warning, according to the National Weather Service.

“Periods of wintry precipitation will continue today as a strong storm system crosses the area,” the NWS said. “Warmer air moving into the area from the south will likely cause the precipitation to change to rain for at least a time over portions of central and east-central Wisconsin.”

Any rain that’s falling will change back over to snow this afternoon as “much” colder air pushes into the area on strong winds, according to the agency.

Parts of Nebraska, South Dakota, Iowa, and Minnesota and all of Michigan are in a winter weather advisory, meaning winter weather is imminent, NWS maps show.

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