3 Big Things Today, Feb. 13, 2025

1. Wheat Futures Higher in Overnight Trading

Wheat futures rose in overnight trading amid signs of demand for U.S. agricultural products. 

Several countries including South Korea, Japan, and Algeria have in recent days issued tenders to purchase wheat from global supplies or have already done so. 

Importing countries since the start of the grain’s marketing year on June 1 have agreed to purchase 18.8 million metric tons of U.S. wheat, up 8% from the same timeframe last year, according to data from the Department of Agriculture. 

Accumulated exports since the beginning of June now stand at 13.8 million metric tons, a 24% increase from the previous year, the agency said. 

Exporters yesterday reported sales of 130,320 metric tons of corn and 120,000 tons of corn to unnamed countries, all for delivery in the 2024/2025 marketing year, USDA said. 

Wheat futures also were rising after the government earlier this week unexpectedly reduced its outlook for domestic ending stocks. 

Inventories at the end of the grain’s marketing year on May 31 are now seen at 794 million bushels, USDA said, behind the previous outlook for 798 million and below trade expectations for 801 million bushels. 

Wheat futures for March delivery gained 4¼¢ to $5.78½ a bushel overnight on the Chicago Board of Trade, while Kansas City futures were up 6¼¢ to $5.97¾ a bushel. 

Corn futures fell 2¢ to $4.88 a bushel. 

Soybean futures for March delivery were unchanged at $10.27¾ a bushel. Soymeal rose $1.10 to $295.20 a short ton and soy oil lost 0.45¢ to 45.21¢ a pound. 

2. Farm Groups Support Food for Peace Move to USDA

Farm groups support moving the Food for Peace program under USDA’s purview amid the shutdown of the U.S. Agency for International Development (USAID). 

Sen. Jerry Moran and Rep. Tracey Mann, both republicans from Kansas, introduced a bill to safeguard the 70-year-old program from elimination after President Donald Trump and adviser Elon Musk said the program should be shut down. 

Several farm groups including the American Soybean Association and U.S. Wheat Associates came out in favor of the move. 

“Realigning administration of Food for Peace, our flagship hunger program, to USDA makes perfect sense and ensures that the agency most closely connected with food is equipped to delivery wholesome food from American farmers to those who need it most,” U.S. Wheat Associates President Vince Peterson said in a statement. 

Trump fired USAID’s independent inspector general Paul Martin after he issued a report critical of the president’s moves to reduce headcount and leave uncertain the futures of foreign assistance. Almost $500 million worth of food is at risk of spoiling in ports and storage after the program was halted, according to the former inspector general’s report. 

Moran said in a statement that the Food for Peace program should be moved so it’s “closer to the producers who grow these crops,” reduces waste and ensures market access to farmers. 

“Food stability is essential to political stability, and our food aid programs help feed the hungry, bolster our national security and provide important markets for our farmers,” he said. 

3. Extreme Cold Expected From Canada to Texas

Cold weather advisories have been issued in several states stretching from the Canadian border south into the southern Plains, according to National Weather Service maps. 

Wind chills in the Oklahoma and Texas panhandles where hard red winter wheat is overwintering were expected to fall to around minus-19° Fahrenheit, the agency said. 

In much of North Dakota, meanwhile, extreme cold warnings will remain in effect until noon local time today as wind chills will drop as low as 55°F below zero, NWS said. 

“The life-threatening wind chills could cause frostbite on exposed skin in as little as five minutes,” the agency said.