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3 Big Things Today, February 2, 2021

Soybeans, Corn Lower in Overnight Trading; Weekly Export Inspections Decline

1. Soybeans and Corn Futures Lower in Overnight Trading

Soybean and corn futures were lower in overnight trading as some investors book profits after the recent run-up in prices.

Corn prices are hovering around the highest level in more than seven years with the bullishness driven by strong demand for U.S. agricultural products.

Exporters sold 125,730 metric tons of corn to Mexico and 110,000 tons of the grain to Japan, while also selling 133,000 metric tons of soybean meal to the Philippines, the U.S. Department of Agriculture said in a report on Monday.

Yesterday’s export sales announcement marked the fifth session in a row the USDA has reported large sales to overseas buyers. Corn sales to China last week totaled 3.74 million metric tons.

Also weighing on prices is the expected rainfall in northeastern Brazil this weekend, which is forecast by Commodity Weather Group to offer relief to 15% of soybeans and 25% of corn and sugar in the region.

Widespread rainfall was seen in parts of central Argentina, which will boost corn and soybeans, CWG said in a report.

Soybean futures for March delivery fell 10¢ to $13.55¼ a bushel overnight on the Chicago Board of Trade. Soymeal lost $4 to $426.50 a short ton, and soy oil fell 0.14¢ to 44.83¢ a pound.

Corn for March delivery lost 2½¢ to $5.46¾ a bushel. 

Wheat futures for March delivery rose ½¢ to $6.51½ a bushel, while Kansas City futures fell ¾¢ to $6.34½ a bushel.

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2. Export Inspections of Corn, Beans Declined Last Week, USDA Says

Inspections of U.S. corn and soybeans for overseas delivery declined in the seven days that ended on Jan. 28, according to the Department of Agriculture.

Corn inspections last week were reported at 1.1 million metric tons, down from 1.4 million tons the previous week, the agency said.

The total was still well above the 562,380 metric tons assessed during the same week a year earlier.

Soybean assessments came in at 1.79 million metric tons, the USDA said.

That’s down from the 2.1 million metric tons that were examined the previous week, but still higher than the 1.4 million tons assessed during the same week in 2020.

Wheat inspections last week totaled 396,873 metric tons, down from 571,677 tons during the prior seven-day period, the agency said. That was also down from the 435,720 tons examined a year earlier.

Since the start of the marketing year on Sept. 1, the USDA has inspected 19.9 million metric tons of corn for offshore delivery.

That’s well above the 10.8 million tons examined during the same time frame a year earlier.

Soybean inspections since the beginning of September are now at 47.3 million metric tons, up from 26.6 million tons assessed during the same period last year.

Wheat assessments since the start of the grain’s marketing year on June 1 now stand at 16.5 million metric tons, down modestly from the 16.6 million tons examined a year earlier, the USDA said in its report.


3. Snow Expected to End This Morning in Parts of Southern Ohio

Light snow in southern Ohio will taper off throughout the morning with additional accumulations of less than .5 inch expected, according to the National Weather Service.

“Freezing temperatures and residual snow on roadways will result in slick spots,” the NWS said in a report early this morning. “Extra caution is advised when traveling to your destination.”

Lows are expected around 12°F. in some parts of the state while others will bottom out around 20°F., the agency said.

Dense fog is an issue this morning in a large chunk of land that includes a large chunk of Nebraska, the western half of Iowa, and dozens of counties in the Dakotas.

In eastern Nebraska and western Iowa, visibility this morning is expected to be only .25 to .5 mile in some areas.

In South Dakota, meanwhile, visibility is down to about .25 mile, the NWS said.

“Because the temperature is below freezing, the fog could deposit a layer of frost on road surfaces, including bridges, creating slippery driving conditions,” the agency said.

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