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3 Big Things Today, February 11, 2022

Soybeans, Grains Higher Overnight; Weekly Export Sales of Wheat Rise.

1. Soybean, Grain Futures Higher in Overnight Trading

Soybean futures were higher in overnight trading on signs of strong demand for U.S. supplies.

Exporters yesterday reported sales of 299,700 metric tons of soybeans to an unnamed country, the U.S. Department of Agriculture said.

Of the total, 233,700 tons are for delivery in the current marketing year that ends on August 31 and 66,000 is for delivery in the 2022-2023 marketing year, the USDA said.

On Wednesday, the USDA reported export sales of 240,000 metric tons of U.S. beans to China for delivery in the 2022-2023 marketing year.

The USDA has reported sales of agricultural products to overseas buyers in each of the past 10 business days dating back to January 28, government data show.

Export sales of soybeans and wheat rose in the week that ended on February 3, while corn sales were down.

Investors also are keeping an eye on South American weather.

Rainfall is coming at the wrong time in parts of Brazil where farmers are doing fieldwork, according to Commodity Weather Group. Up to 8 inches of rain is forecast to fall in the next 10 days in several Brazilian states.

Still, the southwestern 10% of the country is still too dry, the forecaster said.

In Argentina, however, precipitation is expected the next two days and showers will expand next week, CWG said.

Wheat futures were moving higher amid rising tensions between Russia and Ukraine.

The U.S. has urged its citizens to leave Ukraine immediately amid concerns Russia could attack Ukraine at any time. Russia has amassed more than 100,000 troops along its border with Ukraine.

An advisory from the U.S. State Department said any citizens remaining in Ukraine need to “exercise increased caution due to ... potential combat operations should Russia take military action.”

Soybean futures for March delivery rose 9½¢ to $15.83¾ a bushel overnight on the Chicago Board of Trade. Soymeal was up $3.90 to $457.90 a short ton, and soybean oil futures added 0.57¢ to 65.08¢ a pound.

Corn futures for March delivery gained 4½¢ to $6.46¼ a bushel.  

Wheat for March delivery added 7¼¢ to $7.78¾ a bushel, while Kansas City futures rose 3¢ to $8.04 a bushel.

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2. Export Sales of Wheat, Beans Rise Week-to-Week

Export sales of wheat and soybeans rose week-to-week while corn sales declined, according to the USDA.

Wheat sales in the seven days that ended on February 3 totaled 84,800 metric tons, up 48% from the previous week, the agency said in a report. That was still down 75% from the prior four-week average.

The Philippines bought 34,600 metric tons of U.S. wheat, Mexico took 33,100 tons, Panama was in for 24,300 tons, an unnamed country purchased 11,400 tons, and Costa Rica was in for 10,400 tons.

Japan canceled cargoes for 23,500 tons, El Salvador nixed shipments of 19,800 tons, and Guatemala canceled orders for 15,200 tons, the USDA said.

Exports for the week were reported at 380,900 metric tons, down 1% from the previous week.

Soybean sales jumped 46% to 1.6 million metric tons last week, which was a gain of 81% from the prior four-week average, the government said.

Unknown countries purchased 804,400 metric tons, China took 298,100 tons, Mexico was in for 211,100 tons, and Saudi Arabia bought 69,000 tons.

The total would have been higher but the U.K. canceled shipments of 60,000 metric tons of U.S. soybeans.

Exports for the week were down 2% to 1.3 million metric tons, the agency said.

Corn sales, meanwhile, dropped to 589,100 metric tons, down 50% from the prior week and 43% from the average, the government said.

Mexico bought 370,600 metric tons, Japan purchased 347,500 tons, Colombia took 135,000 tons, Canada was in for 68,000 tons, and the Dominican Republic bought 51,700 tons.

China nixed shipments of 375,200 tons and an unnamed country canceled cargoes of 144,500 tons.

Exports for the week were down 2% to 1.15 million metric tons, the USDA said in its report.

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3. Blizzard Warning Issued This Morning in Northern Plains

A blizzard warning is in effect for counties on both sides of the border between North Dakota and Minnesota, according to the National Weather Service.

The warning is in effect until noon local time.

Snow and winds gusting up to 50 mph are expected through the rest of the morning.

“Plan on very slippery road conditions,” the NWS said in a report early this morning. “Whiteout conditions are expected in open country. The dangerously cold wind chills as low as -30°F. could cause frostbite on exposed skin in as little as 10 minutes.”

Wind advisories have been issued for much of South Dakota this morning as winds will be sustained from 25 to 35 mph with gusts of up to 50 mph, the agency said.

Tree limbs likely will come down in some areas and power could be lost. Visibility also will be low as show showers also are possible, the NWS said.

Farther south in central Nebraska, meanwhile, extremely dry weather led to a red-flag warning due to grassland fire danger, the agency said.

Winds will be sustained from 20 to 30 mph with gusts of up to 45 mph. Relative humidity is expected to drop as low as 20% this morning.

“Any fires that develop will likely spread rapidly and become very difficult to control,” the NWS said. “Outdoor burning is not recommended.”

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