1. Soybeans and Grains Jump in Overnight Trading

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, Weathertrends360 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, according to the U.S. Department of Agriculture. The U.S. is the second-largest exporter of the oilseeds.

Argentina also is a large exporter of corn and wheat, USDA data show.   

Soybean futures for January delivery jumped 22¢ to $13.35 a bushel overnight on the Chicago Board of Trade. Soymeal added $3.40 to $427.10 a short ton, and soy oil gained 0.8¢ to 42.93¢ a pound.

Corn futures for March delivery were up 3 3/4¢ to $4.87 ½ a bushel overnight.

Wheat futures for March delivery gained 10 1/4¢ to $6.52 ¼ a bushel, while Kansas City futures added 5 3/4¢ to $6.05 ¼ a bushel.

2. Export Inspections of Grains and Beans Decline Week-to-Week

Inspections of corn, beans and wheat for overseas delivery all declined week-to-week, according to the USDA.

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 totaled 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 USDA 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 timeframe 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 timeframe in 2019, the USDA said in its report.

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3. Light Snow Forecast For Parts of Central Iowa Tuesday

Some light snow is expected in parts of central Iowa today and tonight, according to the National Weather Service.

It’s likely the snow could be mixed with freezing rain at times, the NWS said in a report early this morning.

“Accumulations will be very minor,” the agency said.

More snow is expected in the state, though only small amounts will accumulate with the highest totals forecast in western Iowa.

Further north in parts of central and southern Minnesota, visibility is down to less than a mile as dense fog envelopes the region.

A dense fog advisory is in effect until 10 a.m. local time. The fog likely will leave slick spots on roadways and overpasses, the NWS said. Drivers are advised to slow down and leave plenty of distance in front of them.