3 Big Things Today, January 8, 2025

1. Wheat futures lower in overnight trading

Wheat futures were lower in overnight trading amid favorable weather in the U.S. southern Plains where hard red winter varieties are overwintering. 

Snow is possible in the region Thursday and Friday, according to National Weather Service forecasts, which would provide a protective layer from extreme cold. 

NWS at this time are forecasting a 20% chance of snow after noon tomorrow with a high near 38 degrees Fahrenheit. 

Winds will be moderate, blowing from 10 to 20 mph throughout the day on Thursday. 

Corn futures declined slightly in overnight trading despite signs of demand for U.S. supplies. 

Exporters sold 110,000 metric tons of corn to Colombia for delivery in the 2024-2025 marketing year that started on Sept. 1, the U.S. Department of Agriculture said in a report yesterday. That’s the first major sale reported by the agency since the year started. 

Wheat futures for March delivery fell 2 3/4¢ to $5.39 3/4 a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 3¢ to $5.52 3/4 a bushel.

March corn was down 2¢ to $4.55 3/4 a bushel. 

Soybean futures for March delivery rose 1 1/4¢ to $9.98 1/2 a bushel. Soymeal declined $2.40 to $301.10 a short ton and soy oil rose 0.61¢ to 41.86¢ a pound.

2. USDA leaves Argentina soybean forecast unchanged

Soybean production in Argentina in the 2024-2025 marketing year is forecast at 52 million metric tons, unchanged from a previous estimate, according to USDA’s office in Buenos Aires. 

The Ag Department in November had projected output at 51 million metric tons before raising its outlook last month. 

“(The estimate) is driven by soy acreage gaining ground to corn and consistent favorable weather conditions with sufficient rainfall in the last several months,” USDA said. 

Planted area is still seen at 17.8 million hectares (44 million acres). Farmers will replace corn with soybeans due to the effects of stunt and leafhoppers in the corn crop and low prices for both in the upcoming year. 

Still, the agency said, dry weather induced by a La Nina weather pattern may still curb yields during the growing season. 

Argentina likely will crush a record 42 million metric tons of soybeans amid strong exports and a steady crush rate, the attaché report said. 

3. Winter storms forecast for much of Arkansas

Winter storm warnings have been issued for much of Arkansas amid several inches of snow, according to the National Weather Service. 

As much as 6 inches of snow are expected in the state as the storm rolls through starting tomorrow afternoon, the agency said. More snow may fall in isolated areas. 

Travel is expected to be “very difficult,” NWS said. 

Southeastern Oklahoma will see mixed precipitation associated with the same storm with 3 to 5 inches of snow and sleet and a glaze off ice expected. 

The mix will transition to snow late Thursday in the area, the agency said.