3 Big Things Today, December 24, 2024

1. Wheat lower, soybeans higher overnight

Wheat futures were lower in quiet trading overnight as rain is forecast for areas in the U.S. where winter varieties are grown. 

Precipitation in the next 10 days likely will boost moisture levels for winter wheat that’s growing in the Delta, Commodity Weather Group said in a note to clients. 

Wetter weather is likely in parts of the southern Plains but it’s possible half the southwestern Plains will hold onto moisture deficits, the forecaster said. 

The southwestern half of Plains wheat “remains too dry,” CWG said. 

Soybeans, meanwhile, were higher overnight on some technical buying and signs of ongoing demand for U.S. agricultural products. 

Exporters sold 132,000 metric tons of corn to an unnamed buyer and 132,000 tons of soybeans to China for delivery in the 2024-2025 marketing year that started on Sept. 1, the U.S. Department of Agriculture said in a report. 

USDA on Friday announced separate sales of 150,000 metric tons of corn to Colombia for delivery in the current marketing year. 

Grain and soybean trading will shut early today and be closed tomorrow for Christmas.

Wheat futures for March delivery fell 2 1/2¢ to $5.38 a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 1 3/4¢ to $5.49 1/4 a bushel. 

Soybean futures for March delivery rose 3 1/4¢ to $9.78 3/4 a bushel. Soymeal added $1 to $299 a short ton and soybean oil was up 0.01¢ to 40.67¢ a pound. 

Corn futures for March delivery fell 1/2¢ to $4.48 1/4 a bushel. 

2. Corn inspections for export down narrowly

Inspections of corn for overseas delivery declined slightly week to week while wheat and bean assessments improved, according to a report from the Ag Department.

Corn inspections for export fell to 1.12 million metric tons from 1.14 million the week prior, USDA said. That’s also down from the 1.23 million tons assessed during the same week a year earlier. 

Examinations of wheat for offshore delivery improved to 403,719 tons, up from 300,889 a week earlier but down from the 473,007 tons inspected at the same point last year, the agency said. 

Soybean assessments totaled 1.75 million tons last week. That’s up from 1.7 million tons the previous week and 1.12 million tons in the same week in 2023. 

Since the start of the marketing year on Sept. 1, USDA has inspected 14.4 million metric tons of corn for export.

That’s up from 11.4 million tons during the same timeframe a year earlier, government data show. 

Soybean inspections since the beginning of September now stand at 27 million tons, up from 22.3 million at the point last year. 

Wheat assessments since the start of the grain’s marketing year on June 1 are now at 11.9 million tons versus 9.39 million during the same period in 2023, USDA said in its report. 

3. Freezing fog, drizzle expected in Minnesota, Wisconsin

Freezing precipitation is expected for those in northeastern Minnesota and northwestern Wisconsin this Christmas Eve, according to the National Weather Service. 

“Freezing fog, very light freezing drizzle and occasionally very light snow flurries may accompany dense fog and lead to slippery roads,” the agency said. 

Dense fog advisories have been issued for a wide chunk of land stretching along the U.S.-Canada border in North Dakota and Minnesota and south into southeastern Nebraska, NWS maps show. 

Visibility in eastern Nebraska is down to less than a mile. Anybody driving this morning is urged to use caution.