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3 Big Things Today, December 28, 2021

Soybean Futures Rise Overnight; Weekly Wheat Export Inspections Improve.

1. Soybean Futures Surge in Overnight Trading

Soybean futures jumped in overnight trading as dry weather persists in parts of Brazil and Argentina, threatening crops in the South American countries.

Dryness will continue in Brazil, the world’s largest exporter of soybeans, despite rains in central states that may slightly improve moisture, said Don Keeney, an agricultural meteorologist with Maxar.

In Argentina, hot and dry conditions are forecast for northern and eastern growing areas this week that “will maintain notable stress on corn and soybeans,” the forecaster said.

Dry weather will persist through Wednesday in Argentina before giving way to “light” rains in some growing areas Thursday and Friday, Keeney said.

Wheat futures were lower overnight as some rain is forecast for the U.S. eastern Midwest this week that could improve soil moisture, he said. Some snow may fall in the area today with rain expected in eastern parts of soft-red-winter wheat growing areas.

In the Southern Plains, light rain will favor parts of southeastern Oklahoma and northeastern Texas Wednesday, Keeney said in his report.

“Dry weather prevails otherwise through Friday,” he said. “Limited showers this week will allow moisture shortages to continue across the Wheat Belt.”

A bit of good news: Cold temperatures in northern counties of the southern Plains shouldn’t end in winterkill, Keeney said.

Little or no rain has fallen in the past 30 days in parts of southwestern Kansas or the Oklahoma and Texas panhandles where hard-red winter wheat is growing, according to the National Weather Service.

Soybean futures for November delivery added 12¢ to $13.83½ a bushel overnight on the Chicago Board of Trade. Soymeal gained $3.50 to $411.80 a short ton, while soy oil added 0.92¢ to 57.77¢ a pound.

Corn futures for December delivery rose 2¢ to $6.16¾ a bushel.

Wheat futures for December delivery fell 4½¢ to $7.99½ a bushel, while Kansas City futures lost 6¢ to $8.41 a bushel.

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2. Wheat Export Inspections Rise Week-to-Week

Inspections of wheat for overseas delivery rose week-to-week while corn and bean assessments declined, according to the USDA.

Wheat inspections in the seven days that ended on Dec. 23 totaled 271,349 metric tons, the agency said.

That’s up from 226,739 metric tons a week earlier, but well below the 407,374 tons examined for export during the same week a year earlier.

Corn assessments last week were reported at 719,031 metric tons, down from 1 million tons the previous week, the USDA said. The total also was down from the 1.27 million tons inspected at the same time in 2020.

Soybean inspections came in at 1.58 million metric tons, down from 1.89 million tons the previous week, the government said.

During the same week last year, the agency inspected 2.27 million metric tons for export.

Since the start of the marketing year on Sept. 1, the USDA has inspected 12 million metric tons of corn for overseas delivery. That’s down from the 14.1 million tons examined during the same time frame last year.

Soybean assessments since the beginning of September now stand at 28.9 million metric tons, down from 37.5 million tons inspected during the same period a year earlier, the government said.

Wheat inspections since the start of the grain’s marketing year on June 1 are at 11.9 million metric tons, down from 14.5 million tons assessed at this point in 2020, the USDA said in its report.  

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3. Winter Weather to Slam Northern U.S. Tuesday

Winter weather advisories are in effect for eastern Minnesota and Iowa, almost all of Wisconsin, and dozens of counties in northern Illinois, according to the National Weather Service.

In eastern Iowa, up to 3 inches of snow is expected before a storm moves out, along with a light glaze of ice, the NWS said in a report early this morning.

Wind gusts in the area are expected as strong as 35 mph.

The advisory is in effect from 6 a.m. to 6 p.m. today.

In central Wisconsin, meanwhile, snow is forecast starting around midday and continuing through tomorrow morning, the NWS said. Up to 4 inches of snow and a glaze of ice are expected.

“The snow will become mixed with freezing drizzle before ending,” the agency said.

In North Dakota and parts of northwestern South Dakota, wind chill warnings and advisories are in effect.

In northern North Dakota, a warning has been issued until 6 p.m. tonight as wind chills are forecast to fall as low as -45°F., the NWS said.

Wind chills also will fall as low as -45°F. in central and eastern North Dakota today, the agency said.

“Frostbite and hypothermia are possible if precautions are not taken. Exposed skin may become quickly frostbitten or frozen,” the NWS said. “The dangerously cold wind chills could cause frostbite on exposed skin in as little as 10 minutes.”

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