Soybeans Higher in Overnight Trading; Export Inspections Rise for Beans, Corn Lower

(Agriculture.com) –  SOYBEANS HIGHER, GRAINS LITTLE CHANGED ON QUIET FUNDAMENTALS

Soybeans were higher overnight while grains were little changed amid quiet fundamentals.

The weather in parts of Argentina remain dry, which may affect production in the South American country and in turn boost U.S. exports.

Investors have been focused on demand and global weather since the end of the U.S. harvest. All’s quiet on the demand front, though the Department of Agriculture on Friday said unknown buyers purchased 130,000 metric tons of corn from U.S. inventories.

Soybean futures for January delivery rose 3 cents to $10.01 ½ a bushel overnight on the Chicago Board of Trade. Soymeal rose $1 to $338.50 a short ton, and soy oil fell 0.10 cent to 33.34 cents a pound.

Corn futures for March delivery added ¾ cent to $3.54 ¼ a bushel in Chicago.

Chicago wheat for March delivery lost a penny to $4.33 ¾ a bushel overnight, and Kansas City futures fell ½ cent to $4.33 ½ a bushel.

EXPORTS INSPECTIONS OF SOYBEANS, WHEAT RISE WEEK-TO-WEEK, CORN INSPECTIONS DECLINE

Inspections of U.S. soybeans for overseas delivery rose in the week that ended on Nov. 30 while corn declined week-to-week.

The Department of Agriculture inspected 1.8 million metric tons of soybeans for delivery to overseas buyers last week, up from 1.72 million a week earlier, according to an agency report. The total is still down from the 1.92 million that was inspected during the same week a year ago.

The USDA has inspected about 22.9 million metric tons of soybeans since the start of the marketing year on Sept. 1, down from 26.1 million during the same timeframe a year earlier.

Export inspections of corn last week totaled 586,213 metric tons, down from 643,301 tons a week earlier, the USDA said. That’s well below the year-ago total of 1.18 million tons.

Since Sept. 1, inspectors have examined 7.86 million tons of corn for overseas delivery, almost half of the 13.8 million that was checked during the same period last year, according to the government.

Wheat inspections last week totaled 409,569 tons, up from 348,270 tons a week earlier, the agency said in the report. Inspectors examined 546,501 tons during the same week in 2016.

About 12.8 million tons of wheat have been inspected for overseas delivery since the start of the marketing year on June 1, just below the 13.7 million tons checked during the same timeframe a year earlier, according to the USDA.

STRONG WINDS, LOW HUMIDITY INCREASE RISK OF FIRE DANGERS IN IOWA, ILLINOIS

Strong winds and low humidity have increased the chances for wildfires in parts of Iowa, northern Illinois and southern Wisconsin today.

Sustained winds of 15 to 25 miles an hour are expected with gusts up to 40 miles an hour, the National Weather Service said in a statement on Tuesday morning. The winds, combined with a “very dry” air mass in the area will result in a high risk for fire.

The dry weather and strong winds is also a bit of a problem in parts of Missouri and extreme southeastern Kansas, the NWS said.

The strong winds, in fact, are expected through parts of Illinois, northern Indiana, Michigan and northwest Ohio, according to weather maps.