3 Big Things Today, January 2, 2024

1. No Overnight Trade

Due to the New Year’s Day holiday, grain markets are closed until 8:30 a.m. CT this morning.

2. ICYMI: Argentina Exchange Edges Up Corn, Cuts Soybean Planting Estimates

In case you missed it, take a look at this news story: Argentina Exchange Edges Up Corn, Cuts Soybean Planting Estimates

From the story:

BUENOS AIRES, Dec 27 (Reuters) – Argentina’s Buenos Aires Grains Exchange on Friday edged up its corn planting area estimate, while trimming the pegged soybean area for the 2024/25 season.

The corn crop is now seen covering 6.6 million hectares, up from a prior estimation of 6.3 million hectares, the exchange said, adding the new forecast was a “correction” of the previous one.

The soybean planting area, meanwhile, is now seen at 18.4 million hectares, a reduction of 200,000 hectares from the prior estimate.

3. Corn Belt States Facing Winter Weather 

This morning there is a purple stripe cutting across the center of Iowa on the map on the National Weather Service’s website, indicating several counties are under a winter weather advisory.

“A band of accumulating snow is occurring over west central Iowa early this morning and will continue to move eastward into central and parts of east central Iowa through this morning,” said an alert from the National Weather Service in Des Moines, Iowa. “Snow will fall fairly heavily for a few hours at locations within this band, coinciding with the morning commute in many areas and increasing hazardous travel impacts.”

The National Weather Service has issued six different winter weather advisories impacting different parts of the state and snow accumulation estimates range from one to four inches.

Illinois and Indiana are bracing for snow as well. Counties in northwest and north central Illinois are also under a winter weather advisory. Several counties in the northern half of Illinois and central and northwest Indiana currently face special weather statements from the National Weather Service.

“Snow is expected to arrive in northwest central Indiana this evening, before overspreading into the Indianapolis, Kokomo, and Muncie areas by the late evening hours,” said the special weather statement from the National Weather Service in Indianapolis, Indiana. “The snow is expected to then depart central Indiana late overnight.

“Snow accumulations of 1 to 2 inches will be possible in the Lafayette, Kokomo, Anderson, and Muncie areas. Amounts around 1 inch will be likely along the I-74 corridor, with lesser amounts southwest. Localized higher amounts will be possible.

“Some rain may mix with the snow across southwest central Indiana, including the Vincennes, Washington, and Bedford areas before changing over to snow. This may result in lesser amounts at those locations.”

Multiple counties in the northeast corner of Ohio are under either a lake effect snow warning or a winter storm watch.