1. Soybean Futures Rise in Overnight Trade
Overnight trading was more favorable for soybean futures than it was for grains.
As Brazil’s harvest continues, South American weather is still in the spotlight.
Rain fell in Brazil’s Mato Grosso, Goias, and Sao Paulo this Week, and more is on the way, said Donald Keeney (an agricultural meteorologist with Maxar).
Forecaster: “Rains in northern regions continue to slow soybean harvesting, while dryness builds up in central and southern parts.”
Keeney indicated that some improvements may be made next week.
Rainfall in Argentina is a good way to keep prices down.
Keeney stated that “Rains in La Pampa this Saturday and in Santa Fe, Entre Rios next Week should improve moisture for late-crop growth.”
Despite tensions between Russia and Ukraine continuing to rise, grains were lower.
According to media reports the U.S. believed that the shelling by separatists supported by Russia continued overnight in Ukraine. It was believed to be a precursor to an invasion by Russia.
Russia has stated that it is withdrawing troops from the Ukraine borders, but NATO and western governments claim they have not seen any evidence.
Russia is the world’s largest exporter, and Ukraine is third.
Soybean futures for May delivery rose 6 3/4¢ to $16.02 ¾ a bushel overnight on the Chicago Board of Trade. Soymeal was up $2.20 to $449.70 a short ton and soybean oil futures lost 0.05¢ to 66.83¢ a pound.
Corn futures for May delivery fell 2¢ to $6.47 ¼ a bushel.
Wheat for May delivery lost 3 1/4¢ to $8.01 ½ a bushel, while Kansas City futures declined 1 3/4¢ to $8.26 a bushel.
2. Export Sales of Wheat and Corn Increase Week-to-Week
According to USDA, soybean exports declined while corn and wheat exports rose week-to-week.
The agency reported that corn sales to overseas buyers increased 39% in seven days ending on February 10, to 820,000 metric tonnes.
This is 39% higher than the previous week but 23% lower than the average for the past four weeks.
Japan was the largest buyer with 600,200 metric tonnes. Mexico followed at 103,300 and Canada at 45.600 tons. Colombia took 32,500 tons, while the Dominican Republic took 40,000 tons.
The total would have been greater if an unnamed nation had cancelled orders for 68.900 tonnes.
The week’s exports were strong at 1.62 Million metric tons. This is the highest export figure since Sept. 1, when the marketing year began, and 41% higher than the previous week, according to the government.
The USDA reported that wheat sales increased to 118.100 metric tons for the week. This is a 39% increase over the previous week but a 61% decrease from the average.
Guatemala purchased 38,300 metric tonnes from U.S. supplies. Mexico bought 28,100 tons, Japan bought 26,000 tons, Colombia bought 18,500 tons, and El Salvador bought 8,200 tons. Unknown country stopped shipments of 21,500 tonnes.
According to the agency, exports rose by 8% to 411600 metric tonnes during the week.
Soybean sales dropped 15% week-to–week to 1.36million metric tons. The government reported that the total was still 26% higher than the previous four-week average.
Unnamed countries purchased 371,700 metric tons. China bought 224,000.500 tons. Spain bought 121.500 tons. Indonesia bought 94.500 tons of U.S. beans.
The 2022-2023 marketing period, which began on Sept. 1, saw sales of 1.53 million metric tonnes.
The USDA reported that soybean exports for the week fell 7% to 1.21million metric tonnes.
3. Blizzard Warnings issued in parts of North Dakota and Minnesota
According to the National Weather Service (NWS), Blizzard warnings were issued for most of eastern North Dakota, western Minnesota, and other parts of the country. Today’s forecast includes more snow and strong wind.
The NWS reported that the total snow accumulation in the area could reach 2 inches. However, winds are expected to reach 65 miles per hour.
The agency stated that visibility of less than a quarter mile with near-zero visibility at other times is possible.
The blizzard alert is in effect until 6:15 p.m.
Northern Minnesota, northern Wisconsin and the Dakotas will be under a winter weather advisory from 9 a.m. until 9 p.m. today due to snow and strong winds.
Although only a quarter inch of snow is expected to fall, winds can gust up to 55 miles per hour.
According to the NWS, “Widespread snow could significantly reduce visibility.” “Gusty winds can bring down tree branches. Frostbite could be caused by the cold wind chills of as low as 30 below zero in as little as 30 min.
For parts of northeastern Iowa, there has been a winter-weather advisory.
The NWS stated that strong winds of up to 50 mph are possible and that small amounts of snow can be expected in the region.
Source: Successful Farming