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3 Big Things Today, December 24, 2021

Grain Trading Closed Overnight; Soybean Sales Hit Marketing-Year Low

1. Grain and Soybean Trading Closed for Christmas

Grain and soybean trading is closed for Christmas and will resume Sunday evening.

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2. Export Sales of Soybeans Drop to Marketing-Year Low

Export sales of soybeans plunged to a marketing-year low in the seven days that ended on Dec. 16, the U.S. Department of Agriculture said in a report.

Soybean sales totaled 811,500 metric tons, down 38% week-to-week and 42% from the previous four-week average, the agency said.

That's the lowest amount since the 2021-2022 marketing year started on Sept. 1.

China bought 730,400 metric tons, Mexico took 95,100 tons, Egypt purchased 94,000 tons, Indonesia was in for 85,000 tons and Saudi Arabia took 71,100 tons.

The total would've been much higher but unnamed countries canceled cargoes totaling 571,800 metric tons, the USDA said.

Exports for the week fell 3% from the previous week to 1.85 million metric tons.

Corn sales last week dropped to 982,900 metric tons, down 50% from the previous week and 29% from the four-week average, the government said.

Japan bought 345,700 metric tons, Mexico took 258,000 tons, Canada purchased 216,700 tons, Colombia was in for 99,600 tons and Jamaica bought 23,200 tons from U.S. supplies. Unknown destinations nixed shipments of 14,100 tons.

Exports for the week were up 1% to 1.1 million metric tons.

Wheat sales last week totaled 425,400 metric tons, down 35% from the previous week but up 11% from the average, the Ag Department said.

Japan purchased 130,500 metric tons, the Philippines took 105,500 tons, Mexico was in for 35,000 tons, South Korea took 35,000 tons and an unknown destination bought 31,700 tons.

Exports totaled 190,400 metric tons, down 31% from the previous week, the USDA said in its report.  

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3. Dry Weather to Plague Southern Plains Into Christmas

Extremely dry weather is expected in the southern Plains where hard-red winter wheat is growing heading into Christmas this year due to strong winds and low humidity, according to the National Weather Service.

 Red-flag warnings have been issued for the Oklahoma and Texas panhandles from 10 a.m. to 7 p.m. today as southwest winds are forecast to be sustained from 30 to 40 miles an hour with gusts of up to 60 miles an hour, the NWS said in a report early this morning.

Relative humidity is forecast to fall as low as 15%.

"Any fires that develop will likely spread rapidly," the agency said.

At least one area has a chance for a white Christmas this year as some snow may fall in parts of northern Iowa and central South Dakota, the NWS said.

Light snow is in the forecast but any accumulations will be minimal.

On Christmas Day, accumulations will total less than a half-inch, the NWS said.

"An additional chance for light snow or wintry mix is possible Sunday through Sunday evening," the agency said. "While any precipitation is currently expected to be light, those with holiday travel plans will want to monitor the latest forecast."

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