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3 Big Things Today, January 11, 2022

Grains, Beans Little Changed Overnight; Corn, Wheat Export Inspections Improve.

1. Grain, Soybean Futures Little Changed Overnight

Corn and wheat futures were little changed overnight while soybean futures were slightly lower as investors square positions ahead of tomorrow’s reports from the U.S. Department of Agriculture.

Several reports, including the World Agricultural Supply and Demand Estimates (WASDE), crop production, grain stocks, winter-wheat seedings, and world agricultural production reports, among others, are due out tomorrow.

The USDA likely will peg stockpiles of corn at 1.472 billion bushels in tomorrow’s grain stocks report, down from the December outlook for 1.493 billion, according to a poll by Reuters.

Soybean inventories are expected at about 348 million bushels, up from the previous month’s outlook for 340 million bushels, and wheat stockpiles are forecast at 608 million bushels, up from 598 million in December, the news agency reported.

The government is expected to say corn stockpiles on Dec. 1 totaled 11.6 billion bushels, soybean inventories are forecast at around 3.13 billion bushels, and wheat in storage is pegged at 1.42 billion bushels, according to the poll.

Prices are being underpinned on signs of demand.

Exporters reported sales of 132,000 metric tons of corn to Mexico on Monday, which followed sales of 176,784 tons of the grain, also to Mexico, which was announced on Friday, according to the USDA.

Also on Friday, the USDA said China bought 120,000 metric tons of soybeans for delivery in the 2022-2023 marketing year.

Corn futures for March delivery rose 1½¢ to $6.01¼ a bushel overnight on the Chicago Board of Trade.

Soybean futures for March delivery fell 4¢ to $13.80¾ a bushel. Soymeal dropped $1.90 to $414.40 a short ton and soy oil rose 0.28¢ to 58.31¢ a pound.

Wheat futures for March delivery rose ¼¢ to $7.62¼ a bushel, while Kansas City futures gained 1¢ to $7.79¼ a bushel.

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2. Corn, Wheat Export Inspections Higher Week-to-Week

Inspections of corn for overseas delivery jumped and wheat assessments rose narrowly in the seven days that ended on January 6, according to the USDA.

Corn inspections last week totaled 1.02 million metric tons, the agency said in a report.

That’s up from 759,563 metric tons a week earlier, but down from the 1.35 million tons assessed during the same week a year earlier.

Examinations of U.S. wheat for offshore delivery were up to 233,159 metric tons vs. 230,361 tons the previous week, the government said. That’s still down from 281,356 tons a year earlier.

Soybean inspections were reported at 905,149 metric tons, down from 1.61 million tons a week earlier and well below the 1.91 million tons assessed during the same week in 2021, the USDA said.

Since the start of the marketing year on September 1, the agency has inspected 14.1 million metric tons of corn for overseas delivery, down from 16.6 million tons examined during the same time frame a year earlier.

Soybean assessments since the beginning of September are now at 31.6 million metric tons, down from 41.1 million tons in the same period last year, the agency said.

Wheat inspections since the start of the grain’s marketing year on June 1 now stand at 12.4 million metric tons, down from 15.3 million tons assessed at the same point last year, the USDA said in its report.


3. Dry Weather Creates Fire Conditions in Southern Plains

Dry weather will lead to elevated chances for wildfires in parts of the Southern Plains today, according to the National Weather Service.

Winds will be sustained from 15 to 20 mph with stronger gusts, the NWS said in a report early this morning.

Relative humidity will fall as low as 15%, creating tinderbox-like conditions.

The dry weather will continue with “extreme fire-weather conditions” expected Friday in the Oklahoma and Texas panhandles, the agency said.

In eastern Iowa and northern Illinois, meanwhile, wind chills are expected to drop to almost -20°F., the NWS said.

South winds are expected to gust up to 35 mph this afternoon.

Starting tomorrow, there’s a chance for freezing drizzle in the morning and light snow is possible Wednesday night into Thursday morning, the agency said.

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