3 Big Things Today, Feb. 14, 2025

1. Grain Futures Surge in Overnight Trading

Grain futures jumped overnight after a favorable export sales report from the U.S. Department of Agriculture.

Exporters sold 1.65 million metric tons of corn in the seven days that ended on Feb. 6, the agency said in a weekly report. That’s up 12% from the week prior and 20% from the previous four-week average. 

Japan was the big buyer at 459,400 tons, followed by South Korea at 325,400 tons, and Mexico at 262,600 tons.

Wheat sales also surged, rising 30% week over week to 569,600 metric tons, which was also a 45% increase from the average, USDA said. 

Mexico bought 127,600 tons, South Korea was in for 84,400 tons, and the Philippines purchased 79,100 tons of U.S. wheat. 

Export sales of soybeans, meanwhile, totaled 185,500 metric tons, down 52% from the previous week and 74% from the average for this time of year, the government said. 

Still, exporters have shipped 35.3 million metric tons of soybeans since the start of the marketing year on Sept. 1, up 17% from the same timeframe a year earlier, and corn shipments since the beginning of September have jumped 32% to 23.6 million metric tons. 

Wheat exports since the start of the grain’s marketing year on June 1 are now at 14.4 million metric tons, up 24% year over year, USDA said. 

Corn futures added 4¼¢ to $4.97¾ a bushel overnight on the Chicago Board of Trade. 

Wheat futures for March delivery gained 11¾¢ to $5.89½ a bushel, while Kansas City futures were up 10¢ to $6.08¼ a bushel. 

Soybean futures for March delivery rose 10½¢ to $10.40½ a bushel. Soymeal added $3.90 to $296.60 a short ton and soy oil gained 0.31¢ to 46.56¢ a pound. 

2. Corn Exports Jumped 29% Last Quarter of 2024

Corn exports from September through December surged more than 29% year over year as Mexico increased purchases heading into the end of 2024, according to a report from the Ag Department. 

Inspections of corn for offshore delivery are up 33% since the start of the marketing year on Sept. 1 and export commitments last week gained 28% year over year, USDA said. 

The agency said earlier this week that it now sees corn exports in the 2024/2025 marketing year at 2.45 billion bushels, which if realized would be up from the 2.29 billion shipped a year earlier. 

Corn exports to Mexico since the beginning of September are up 3.8% versus the same period last year, USDA said. 

Exports to China, however, have dropped to a six-year low of 1.3 million bushels. 

Outside of those two countries, however, exports are “booming,” the government said. 

Overall commitments are up almost 64% year over year and the European Union has purchased 79 million bushels, the highest in a decade, USDA said. 

“The European Union suffered corn production losses with EU-projected corn output standing at the second lowest level in the past 15 years,” the agency said. “Therefore, despite reduced corn demand from China, competitive U.S. corn prices have fostered strong export prospects for (marketing year) 2024/2025.”

3. Strong Winds Forecast for the Southern Plains

Wind advisories have been issued for much of the southern Plains where hard red winter wheat is overwintering, according to National Weather Service maps. 

Winds in the Oklahoma and Texas panhandles will be sustained from 25–35 mph with gusts of up to 55 mph expected, the agency said. 

“Gusty winds will blow around unsecured objects,” NWS said. “Tree limbs could be blown down and a few power outages may occur.”

Further north, winter weather is forecast for much of Wisconsin and counties in eastern Minnesota. 

In central Wisconsin, 4–6 inches of snow are expected starting this evening and lasting through tomorrow morning, the agency said. Roads are expected to be slick due to the precipitation.