3 Big Things Today, Feb. 19, 2025

1. Soybeans, Corn Slightly Higher in Overnight Trading

Soybean and corn futures were modestly higher in overnight trading amid strong demand for U.S. agricultural products and minor concerns about weather in South America. 

Overseas buyers have committed to purchase 43.3 million metric tons of soybeans for delivery in the 2024/2025 marketing year that ends on Aug. 31, a 12% year-over-year gain, according to the U.S. Department of Agriculture.

Commitments to buy U.S. corn are up 28% to 46.4 million tons, and purchases of wheat have risen 10% to 19.3 million tons, the government said. 

Exports of U.S. soybeans since the beginning of September are now at 35.3 million tons, a 17% increase from the same period last year. 

Corn shipments are now at 23.6 million tons, up 32% year over year, and wheat exports have jumped 24% to 14.4 million tons, USDA data shows. 

Also underpinning prices this morning are minor concerns about weather in South America. 

Temperatures in Argentina are expected to climb into the 90s this weekend before moderating again. 

Still, rainfall over the weekend and in the 6–10-day outlook likely will limit stress to 10% of soybeans and corn in the South American country, Commodity Weather Group said in a note to clients. 

Precipitation is also boosting crop prospects in southern Brazil, Uruguay, and Paraguay, the forecaster said. 

Soybeans for March delivery gained 2¾¢ to $10.58¼ a bushel overnight on the Chicago Board of Trade. Soymeal fell 20¢ to $301.90 a short ton, and soy oil added 0.55¢ to 48.29¢ a pound. 

Corn futures were up 1½¢ to $5.17¼ a bushel. 

Wheat futures for March delivery fell ¼¢ to $6.17½ a bushel, while Kansas City futures were unchanged at $6.39¼ a bushel. 

2. Weekly Corn Inspections for Export Rise

Inspections of corn for export rose last week while bean and wheat assessments declined, according to data from the Ag Department.

Corn inspections in the seven days that ended on Feb. 13 totaled 1.61 million metric tons, the agency said. 

That’s up from 1.36 million tons a week earlier and the 1.05 million examined during the same week last year. 

Soybean assessments dropped to 720,332 metric tons, well below the 1.1 million tons inspected the week prior and 1.29 million tons at the same point in 2024, USDA said. 

Examinations of wheat for offshore delivery were lower at 249,812 metric tons versus 570,298 tons the previous week and 420,268 tons during the same week a year earlier. 

Since the start of the marketing year on Sept. 1, USDA has inspected 24.7 million metric tons of corn for export, up from 18.3 million tons during the same timeframe last year. 

Soybean inspections since the beginning of September are at 36 million tons, up from 32.1 million at this point last year, the government said. 

Wheat assessments since the start of the grain’s marketing year on June 1 totaled 14.8 million tons, up from the 12.1 million examined during the same period a year ago, USDA said in its report. 

3. Dangerously Cold Weather Persists in Central U.S. 

Extreme cold warnings remain in effect this morning from the North Dakota’s border with Canada south to almost the Mexican border, according to National Weather Service maps. 

In southern North Dakota and northern South Dakota, wind chills overnight were expected to drop as low as minus-40° Fahrenheit, the agency said. Frostbite can form on exposed skin in as little as 10 minutes. 

In the southern Plains, where hard red winter wheat is overwintering, values are forecast to hit 30°F below zero. The extreme cold warning will remain in effect until noon Thursday.

“Frostbite and hypothermia will occur if unprotected skin is exposed to these temperatures,” NWS said. “Dress in layers, including a hat, face mask, and gloves if you must go outside.”