Washington – January 5, 2021
Wheat futures for March delivery gaining 18¼¢ to $6.65¼ a bushel, while Kansas City futures adding 14¾¢ to $6.14¼ a bushel.
Corn futures for March delivery were up 8,5¾¢ to $4.25½ a bushel overnight.
Soybean futures again surged in overnight trading as adverse growing weather in parts of South America persists.
Dry weather is expected in the short term in the main growing areas of Argentina and across southern Brazil, Weather trends said in a report.
Some recovery is expected in parts of Brazil later this month into February, but that’s when harvest activities start and the safrinha, or second crop, planting begins, the forecaster said.
Rain will continue to run at a deficit this week in much of Argentina and southern Brazil.
Weathertrends360 said this week will mark the third driest in 30 years in Santa Fe, Argentina, and the fourth driest in the past three decades in Rio Grande do Sul, Brazil.
The dry weather in South America has given prices a boost in recent weeks.
Brazil is the world’s largest exporter of soybeans, while Argentina is the third-biggest shipper.
The U.S. is the second-largest exporter of the oilseeds.
Argentina also is a large exporter of corn and wheat, USA data show.
Soybean futures for January delivery jumping 46,25¢ to $13.6275 a bushel overnight on the Chicago Board of Trade.
Soymeal added $10 to $437.20 a short ton, and soy oil gained 1.56¢ to 44.49¢ a pound.
Export update
Inspections of corn, beans, and wheat for overseas delivery all declined week-to-week
Corn assessments in the seven days that ended on Dec. 31 were reported at 912,802 metric tons, the agency said in a report.
That’s down from the 1.26 million tons inspected during the previous week but up from the 550,930 tons assessed during the same week last year.
Soybean inspections last week totalled 1.31 million metric tons, well below the 2.2 million tons examined for offshore delivery the previous week, government data show. Still, that’s slightly higher than the 1.04 million tons examined at the same point in 2019.
Examinations of wheat for export came in at 324,983 metric tons, the US Ag said.
That’s down from the 406,975 metric tons inspected a week earlier and the 420,653 tons assessed during the same week a year earlier.
Since the start of the marketing year on Sept. 1, the government has inspected 14.9 million metric tons of corn for overseas delivery.
That’s up from 8.6 million tons assessed during the same time frame a year earlier, the agency said.
Soybean examinations since the beginning of September now stand at 38.5 million metric tons, well ahead of the 21.8 million tons in the same period last year.
Wheat inspections since the start of the grain’s marketing year on June 1 are at 14.9 million metric tons, little changed from the same time frame previous campaign , the US Ag said in its report.
