3 Big Things Today, Jan. 29, 2025

1. Soybean, Grain Futures Higher in Overnight Trading

Soybean and grain futures were higher in overnight trading amid adverse weather in Argentina and strong demand for U.S. agricultural products. 

Central Argentina is expected to be dry for the next 10 days before potentially seeing some relief, Commodity Weather Group said in a note to clients. 

Moisture deficits from a dry January remain in about half of the South American country, the forecaster said. Still, some precipitation is expected to expand in the 11–15-day outlook. 

Dry weather is forecast for the U.S. southern Plains where hard red winter wheat is overwintering for the next few days, leaving about 20% of the region too dry, CWG said. 

Also giving futures a boost overnight is strong demand for U.S. agricultural products. 

Shipments of U.S. soybeans are up to 32.3 million metric tons since the start of the marketing year on Sept. 1, according to Department of Agriculture data. 

Corn exports since the beginning of September are now at 19.6 million metric tons, up 18% year over year. 

Wheat shipments since the start of the grain’s marketing year on June 1 totaled 12.9 million metric tons, up 22% from the same period last year, USDA said. 

Soybean futures for March delivery gained 6¾¢ to $10.51¾ a bushel overnight on the Chicago Board of Trade. Soymeal added $3.60 to $305.20 a short ton and soy oil fell 0.17¢ to 44.96¢ a pound. 

Corn futures added 5½¢ to $4.90¾ a bushel. 

Wheat for March delivery rose 4¢ to $5.49¼ a bushel, while Kansas City futures were up 6¢ to $5.67 a bushel. 

2. Vilsack Named CEO of World Food Prize Foundation

Former Ag Secretary Tom Vilsack has been named the chief executive of the World Food Prize Foundation starting March 1, the organization said in a statement. 

Vilsack was the governor of Iowa from 1999–2007. He was the U.S. Secretary of Agriculture from 2009–2017 under President Barack Obama and from 2021–2025 under President Joe Biden. 

He was widely accepted on both sides of the aisle and received unanimous confirmation for his second stint as the head of USDA. 

At the World Food Prize Foundation, he will focus on expanding its global network and help the organization address global food insecurity, the statement said. 

“Secretary Vilsack’s unparalleled diplomatic acumen, cultivated over decades of public service and leadership, uniquely positions him to engage global stakeholders and foster meaningful collaborations,” the foundation said. 

Vilsack has also served on the council of advisers and board of directors of the World Food Prize Foundation. 

3. Flood Advisories Issued for Northern Indiana, Ohio

Flood advisories have been issued for parts of northern Indiana and northern Ohio, according to the National Weather Service.

Ice jams are affecting water levels on the Kankakee River along the Illinois-Indiana state line and the Iroquois River, the agency said. Floods are imminent or may have already occurred. 

“Water may overtop low stream banks in some areas,” NWS said. “Persons in the advisory area should use caution and avoid flood waters.” 

Flood watches will take effect late tonight into tomorrow in southern Missouri and northern Arkansas, weather maps show. 

Runoff from excessive rain in the region may result in flooded rivers, creeks and streams, NWS said.

One to 3 inches of precipitation are forecast for the area late tonight through Thursday evening, the agency said in a report early this morning.