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3 Big Things Today, January 27, 2023

Soybeans, Grains Little Changed Overnight; Weekly Corn Export Sales Decline

1. Soybeans, Grains Little Changed in Overnight Trading

Soybeans and grains were mostly little changed in overnight trading as investors weigh signs of demand against improving weather in Argentina and the U.S. southern Plains.

The U.S. Department of Agriculture reported more sales to overseas buyers yesterday, marking the sixth consecutive day exporters have indicated large purchases by international customers.

China purchased 106,000 metric tons of soybeans from U.S. supplies, the government said yesterday.

That follows sales of 130,000 metric tons of beans and 100,000 tons of corn announced Wednesday, 130,000 tons of corn on Tuesday, and 192,000 tons of beans on Monday. Large sales of soybeans and corn were announced on Thursday and Friday as well.

USDA's export sales report yesterday showed improved weekly sales of soybeans and wheat.

Still, improving weather in Argentina and the U.S. southern Plains — both of which had been extremely dry for months — weighed on prices overnight.

Rainfall this week in Argentina was near expectations, and precipitation in several states including Cordoba, Santa Fe, and Entre Rios are forecast through Monday, said Don Keeney, an agricultural meteorologist with Maxar.

"Additional rains across northern areas through next week will further improve moisture and crop conditions," he said in a note to clients.

In the U.S. southern Plains, snow fell earlier this week in parts of the Texas panhandle, offering moisture for dry soils and leaving a blanket of snow in some areas.

Snow is expected to protect overwintering wheat from cold weather in parts of the southern Plains, though some damage may occur in parts of southeastern Nebraska next week, Keeney said.

Soybean futures rose ¾ cents to $15.24 ¼ a bushel overnight on the Chicago Board of Trade. Soymeal was up 60 cents to $477.70 a short ton, while soy oil gained 0.39 cents to 61.18 cents a pound.

Corn futures for March delivery rose 1¾ cents to $6.84 ¼ a bushel.

Wheat futures for March delivery was unchanged at $7.52 ½, while Kansas City futures were down 4¼ cents to $8.60 ½ a bushel.

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2. Corn Sales to Overseas Buyers Fell Last Week, USDA Says

Export sales of corn fell in the seven days that ended on Jan. 19, while bean and wheat sales improved, according to data from USDA.

Corn sales to overseas buyers last week were reported at 910,400 metric tons, the agency said in a report.

That's down 20% week-to-week but up 46% from the prior four-week average.

Mexico was the big buyer at 407,000 metric tons, followed by Colombia at 209,700 tons, and an unnamed country at 84,500 tons, the government said. China bought 71,800 tons and Canada took 35,400 tons.

The total would've been higher but Honduras canceled cargoes of 31,300 tons and Nicaragua nixed shipments of 5,000 tons.

Exports for the week came in at 912,600 metric tons, up 28% from the previous week.

Soybean sales, meanwhile, rose 16% week-to-week and 53% from the average to 1.15 million metric tons, USDA said.

China purchased 940,300 metric tons, the Netherlands took 67,100 tons, South Korea was in for 58,200 tons, Bangladesh bought 57,700 tons, and Italy was in for 46,600 tons, the agency said.

An unnamed country canceled orders for 213,100 metric tons.

Exports for the week were reported at 1.9 million metric tons, down 8% from the previous week.

Wheat sales last week were up 6% from the previous week and 84% from the prior four-week average to 500,400 metric tons, the government said.

Japan bought 108,100 tons, Mexico purchased 91,000 tons, an unknown destination took 89,000 tons, South Korea was in for 74,300 tons, and Taiwan took 45,400 tons.

Exports fell 15% week-to-week to 264,400 metric tons, USDA said in its report.


3. Blizzards, Winter Storms Expected From Idaho to Iowa

Blizzard and winter storm warnings and advisories have been issued for a large chunk of land stretching from Idaho east into Iowa, according to National Weather Service maps.

In northern Wyoming, snow accumulations are forecast from 10 to 18 inches between now and Sunday along with winds gusting up to 45mph, the NWS said in a report early this morning. In the mountains, as much as 5 feet of snow are possible.

Snow also is forecast for parts of northern Nebraska, southern South Dakota and northern Iowa.

In northern Nebraska, from 5 to 8 inches of snow are expected, with some locally higher amounts in the forecast, the NWS said.

"Travel could be very difficult," the agency said. "Widespread blowing snow could significantly reduce visibility."

Wind chills in the area will drop to as low as -20° F.

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