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3 Big Things Today, January 3, 2022

Soybeans, Grains Higher Overnight; Southern Plains Likely Dry This Month.

1. Soybeans, Grains Rise in Overnight Trading

Happy New Year!

Soybeans are surging and grains are higher in overnight trading in the first session of 2022.

Concerns about dry weather in South America and signs of demand gave prices a boost overnight.

Crops in southern Brazil were sown into extremely dry soils as farmers waited for rainfall that never arrived, according to data from WeatherTrends360.

Planting in the north was done when moisture was ample, but in the south, farmers weren’t so lucky, the forecaster said.

WeatherTrends360 said it expects precipitation in much of the country this week, but parts of Rio Grande do Sul, where moisture is at severe deficits, likely won’t see the wetter patterns.

Temperatures also are expected to be slightly above normal this week in much of Brazil, the agency said.

Corn futures were higher on signs of some demand for U.S. supplies.

Exporters said last week that an unnamed country purchased 269,240 metric tons of corn for delivery in the marketing year that started on Sept. 1, according to the U.S. Department of Agriculture.

Soybean futures for March delivery jumped 21½¢ to $13.60¾ a bushel overnight on the Chicago Board of Trade. Soymeal gained $4.40 to $403.50 a short ton, and soy oil added 0.93¢ to 57.46¢ a pound.

Corn futures for March delivery surged 6½¢ to $5.99¾ a bushel.

Wheat futures for March delivery rose 3¢ to $7.73¾ a bushel, while Kansas City futures gained 7¢ to $8.08½ a bushel.

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2. Drought Likely to Persist in Southern Plains This Month

January is shaping up to be an interesting month in terms of weather with drought expected to persist in the U.S. Southern Plains amid less-than normal rainfall, according to maps from the National Weather Service’s Climate Prediction Center.

Drought is forecast in much of the western U.S. this month, the CPC said in a report over the weekend.

Western Kansas, almost all of Oklahoma, and the northern half of Texas will see drought throughout the month, the agency said.

About 73% of Kansas, the biggest U.S. wheat producer, was suffering from extremely dry or drought conditions as of Dec. 28, according to the U.S. Drought Monitor. That’s up from 68% a week earlier and only 15% three months ago, the monitor said.

Meanwhile, 95% of Oklahoma is seeing abnormally dry or drought conditions, up from 90% the previous week.

Rain has been sparse in much of the Southern Plains recently.

Parts of southwestern Kansas and the Oklahoma and Texas panhandles have seen little to no rain in the past 30 days, according to the NWS precipitation page.

That trend is expected to continue.

In its updated forecast released on the last day of 2021, the Climate Prediction Center said it expected below-normal chances for precipitation this month in the very region that’s already seeing moisture deficits.

Temperatures in the Oklahoma and Texas panhandles, along with eastern Colorado, will be warmer than normal in the next 30 days, the CPC said.

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3. Wind Chills Expected Around -20°F. in Parts of Iowa

Wind chills are expected to drop in parts of eastern Iowa and northern Illinois this morning, according to the National Weather Service.  

Values are expected to fall to around -20°F. through mid-morning, the NWS said in a report early this morning.

In parts of northern and central Missouri, wind chills today will range from -5°F. to -15°F. with the coldest temperatures near the Iowa border, the agency said.

Farther northern in the parts of South Dakota and Minnesota, light snow is expected starting tomorrow.

Around 2 inches of accumulation is expected in the area, along with blowing snow, the NWS said.

“Arctic air moves in with bitterly to dangerously cold wind chills Tuesday night through Friday morning,” the agency said.

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