1. Overnight trading sees soybeans and grains rise
Happy New Year!
Soybeans are growing and grains are higher during overnight trading in the first week of 2022.
Prices rose overnight due to concerns about dry weather in South America, and signs of demand.
According to WeatherTrends360 data, crops in southern Brazil were sown into extremely dry soils while farmers waited for rain that never came.
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.
According to the agency, temperatures will also be slightly higher than normal in Brazil this week.
Corn futures were higher due to signs of increased demand for U.S. supplies.
According to the U.S. Department of Agriculture, exporters reported last week that 269,240 metric tonnes of corn were purchased by an unnamed country for delivery in the marketing season that began on Sept. 1.
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.
2. Drought is likely to persist in the 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.
According to the CPC, drought is predicted in many western U.S. states this month.
According to the agency, drought will hit Texas, Oklahoma, Western Kansas, and most of Oklahoma during the month.
According to the U.S. Drought Monitor, 73% of Kansas, the largest U.S. wheat producer was in drought conditions as of Dec. 28. That’s up from 68% a week earlier and only 15% three months ago, the monitor said.
Currently, 95% in Oklahoma are experiencing abnormally dry or drought conditions. This is up from 90% last week.
Recent rains have been very sparse on the Southern Plains.
According to the NWS precipitation webpage, some parts of southwestern Kansas, Oklahoma and Texas have received little to no rain over the past thirty days.
This 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.
According to the CPC, temperatures in Oklahoma and Texas will rise by 30 percent in the next 30 day.
3. Wind Chills Expected Around -20°F. In Parts of Iowa
According to the National Weather Service (NWS), wind chills are expected in parts of eastern Iowa, northern Illinois, and other areas this morning.
Values are expected to fall to around -20°F. In a report, the NWS stated that the NWS expects to see a drop in values of around -20°F by mid-morning.
In parts of northern and central Missouri, wind chills today will range from -5°F. to -15°F. The agency stated that the coldest temperatures were found near the Iowa border.
Light snow is expected to begin tomorrow in parts of South Dakota, Minnesota and further north.
According to the NWS, there will be around 2 inches of snowfall in the area.
“Arctic air moves in with bitterly to dangerously cold wind chills Tuesday night through Friday morning,” the agency said.
Source: Successful Farming