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3 Big Things Today, January 18

Soybeans Lower in Overnight Trading; Bayer, Monsanto Say They’ll Add Jobs, Invest in U.S.

1. Soybeans Modestly Lower Amid Profit-Taking After Price Jump

Soybeans were slightly lower in overnight trading amid profit-taking after yesterday’s jump in prices.

Futures on Tuesday rose 23¢ as excessive rainfall keeps growers in some parts of Argentina, the world’s third-biggest producer of the oilseed behind the U.S. and Brazil, from planting their crops.

Investors who’d bought contracts when they were recently below $10 likely closed some out and booked profits, analysts said. Some growers see now as a good time to sell beans with prices above the $10.60 mark, adding supplies to the market.

Soybean futures for March delivery fell 3¼¢ to $10.66 a bushel overnight on the Chicago Board of Trade. Soy meal futures lost $3.10 to $345.70, and soy oil gained 0.12¢ to 35.68¢ a pound.

Corn futures rose ¼¢ to $3.65¾ a bushel.

Wheat for March delivery ¼¢ to $4.33¾ a bushel in Chicago, while Kansas City futures fell ½¢ to $4.51½ a bushel.  


2. Bayer AG, Monsanto Pay Homage to Trump, Promise Billions in Investments

Bayer AG, which is planning to acquire Monsanto Co., was the latest multinational corporation to pay homage to President-elect Donald Trump, saying it will invest billions of dollars and create jobs in the U.S. if its merger receives the necessary regulatory approvals.

The news was first reported by Fox Business Network.

Sean Spicer, the incoming press secretary for Trump, told members of the media that Bayer committed to invest $8 billion in research and development, keep 100% of Monsanto’s workforce in the U.S., and add 3,000 domestic tech jobs.

Bayer Chief Executive Werner Baumann and Monsanto CEO Hugh Grant said in a joint statement that the investments will create “jobs that will keep America at the forefront of agricultural innovation and that serve U.S. farmers by delivering better products and services faster.”

Companies have been jumping on the bandwagon, bragging about adding jobs in a bid to appease the president-elect, who’s threatened to impose significant import duties on products made overseas by U.S. companies. Wamart, Ford, and Fiat Chyrsler have all bragged recently about adding jobs or building their products in the U.S.

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3. Flood Warnings Abound as Rapid Ice Melts, Jams Cause River Levels to Rise

Some flood warnings are in effect for counties along rivers in several Midwestern states this morning, according to the National Weather Service.

Flood warnings have been issued along several rivers and tributaries in Missouri, Iowa, Illinois, and Indiana as ice that coated roads and cars melts amid rising temperatures, the NWS said.

A flash flood watch has been issued for the Quad Cities in Iowa and Illinois as a levee may possibly fail amid rising river levels due to an ice jam. If the levee fails, flash flooding is likely along the Green River, according to the agency.

Weather maps in the Midwest are otherwise mostly quiet other than some dense fog advisories along the Kansas-Missouri border.

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