3 Big Things Today, December 17, 2024

1. Soybeans, Grains Little Changed Overnight

Soybean and grain futures were little changed in overnight trading as investors weigh favorable South American weather against signs of demand for U.S. supplies.

Rain is expected to spread across growing areas in Brazil and precipitation fell over the weekend in several growing stats including Mato Grosso, Goiás, and Minas Gerais, said Don Keeney, an agricultural meteorologist with Maxar. 

Rains will favor northern and far southern parts of the South American country, he said. 

“Dryness will continue in eastern São Paulo and eastern Bahia, but moisture should remain favorable elsewhere,” Keeney said in a note to clients. 

Underpinning prices, however, were signs of demand for U.S. agricultural products. 

Export inspections of corn and wheat were higher week to week, according to a report from the U.S. Department of Agriculture. 

Shipments of soybeans and grains are up year over year as overseas buyers seek supplies. 

Exports of soybeans since the start of the 2024/2025 marketing year are now at 23.5 million metric tons, up 22% from the same timeframe last year, USDA data show. 

Corn exports since the beginning of September totaled 12.6 million metric tons, a 31% year over year increase. 

Wheat shipments since the start of the grain’s marketing year on June 1 now stand at 11 million metric tons, up from 8.44 million tons during the same period a year earlier, the government said. 

Soybean futures for January delivery fell ¾¢ to $9.85¼ a bushel overnight on the Chicago Board of Trade. Soymeal lost $1.10 to $292.30 a short ton and soybean oil was down 0.05¢ to 42.02¢ a pound. 

Corn futures for March delivery rose ¾¢ to $4.45¾ a bushel. 

Wheat futures for March delivery gained ¾¢ to $5.50¾ a bushel, while Kansas City futures added ½¢ to $5.59¾ a bushel. 

2. Export Inspections of Corn, Wheat Improve

Inspections of corn and wheat for export rose week to week while soybean assessments declined, according to the Ag Department.

Corn inspections for offshore delivery rose to 1.13 million metric tons in the seven days that ended on Dec. 12, the agency said. That’s up from 1.06 million tons the week prior and the 959,925 tons assessed during the same week last year. 

Examinations of wheat increased to 298,075 tons from 247,954 tons the previous week and 284,792 tons at the same point a year earlier. 

Soybean inspections fell to 1.68 million tons last week, USDA said. That’s down from the 1.74 million tons assessed a week earlier, but higher than the 1.43 million tons inspected during the same week in 2023. 

Since the start of the marketing year on Sept. 1, the government has inspected 13.3 million metric tons of corn for overseas delivery. That’s up from 10.2 million tons during the same timeframe a year earlier. 

Soybean examinations since the beginning of September now stand at 25.2 million tons, up from 21.2 million during the same period last year, the agency said.

Wheat inspections since the start of the grain’s marketing year on June 1 were reported at 11.5 million tons, ahead of the 8.91 million tons assessed at this point a year ago, USDA said in its report. 

3. Winter Weather Expected in Northern Midwest

Winter weather advisories have been issued for counties in eastern South Dakota and western Minnesota, according to the National Weather Service.

Two to 4 inches of snow are expected in the region, the agency said. Some isolated areas may see up to 5 inches. 

Roads will be slippery and drivers are advised to use caution. 

Further north, an Alberta Clipper is forecast to move south into North Dakota Wednesday and Thursday and bring up to 8 inches of snow to parts of the state, NWS said. 

There’s also a 30%–60% chance of freezing rain associated with the storms. Winds will gust up to 55 mph.

“This could result in significant visibility reductions from blowing snow in open areas,” the agency said.