3 Big Things Today, March 19, 2025

1. Soybeans, Grains Little Changed Overnight

Soybean and grains were little changed in overnight trading as investors weigh weak crush rates for beans against dry weather in the southern Plains that may affect the wheat crop. 

Processors crushed 177.87 million bushels of soybeans in February, below trade forecasts and down more than 11% from January, according to data from the National Oilseed Processors Association. 

That was down almost 5% from the same month a year earlier. 

Still, precipitation forecast for next week may slow fieldwork for farmers in parts of Argentina, said Don Keeney, an agricultural meteorologist with Maxar. 

“Limited rains this week will favor corn and soybean harvesting, but rains next week will slow fieldwork,” he said.

Wheat in the U.S. southern Plains is facing another dry spell, which is expected to continue in parts of the region, the forecaster said. 

Snow will provide a protective later in northern parts of the region, but dryness will persist in southern areas, Keeney said. 

About 28% of Kansas, the biggest producer of winter wheat, was suffering from drought conditions as of March 11, according to the U.S. Drought Monitor. That’s up from 25% a week earlier. 

Forty-eight percent of the Kansas hard red winter wheat crop was rated good or excellent as of Sunday, down from 52% a week earlier, the U.S. Department of Agriculture said. 

Soybeans for May delivery were up a penny to $10.13¾ a bushel overnight on the Chicago Board of Trade. Soymeal rose 30¢ to $300.20 a short ton, and soy oil gained 0.11¢ to 42.65¢ a pound.

Corn futures gained ¼¢ to $4.59 a bushel. 

Wheat futures for May delivery rose 1¾¢ to $5.66¾ a bushel, while Kansas City futures fell 2¼¢ to $6.04 a bushel. 

2. Australian Beef Production, Exports Seen at Records

Beef output and exports from Australia, the world’s second-largest shipper of the meat, are expected to jump to records this year amid increased slaughter rates for female animals, according to a report from USDA’s office in Canberra. 

Production is seen by the agency at 2.65 million metric tons (carcass weight equivalent) in 2025, a 2.4% year-over-year increase and up from the prior projection of 2.56 million tons. 

That would be the highest level on record, topping the previous peak set in 2014, the agency said. 

Female slaughter rates are expected to remain at elevated levels, and the number of cattle on feed has risen in recent years. Grain-fed cattle tend to have higher slaughter weights than their grass-fed counterparts. 

About 38% of cattle slaughtered in Australia will be grain-fed this year. 

Beef exports are expected to rise 2.5% this year to a record 1.95 million metric tons (carcass weight equivalent), USDA said. 

That’s up 5.1% from the previous outlook and well above the prior record, also set in 2014, of 1.77 million metric tons. 

3. Blizzards Rolling Through Much of the Midwest

Blizzards will move through the central U.S. this afternoon into tomorrow bringing heavy snow and strong wind to the region, according to National Weather Service maps. 

Warnings have been issued from eastern Colorado into Wisconsin. 

As much as 8 inches of snow are expected in much of eastern Nebraska along with winds gust to 70 mph, the agency said. 

Snow accumulations in northern Iowa will run from 6–12 inches, NWS said. Winds will be gust as high as 65 mph. 

Further south, red flag warnings, an indicator of extremely dry weather, have been issued for much of Texas and parts of several states including Oklahoma, Missouri, and Illinois. 

In western Illinois, winds will be sustained from 25–30 mph and gust up to 55 mph. Relative humidity will drop to around 21%, the agency said.