1. Soybeans and Wheat Rise Overnight on Strong Demand

Soybean and wheat futures were higher in overnight trading on signs of strong demand while corn remained near seven-year highs.

Soybean sales jumped to 824,00 metric tons, a 77% week-to-week increase, wheat sales soared 69%, and corn sales hit a weekly record high in the seven days that ended on Jan. 28, according to the U.S. Department of Agriculture.  

Since the start of the marketing year on Sept. 1, overseas buyers have purchased 58.7 million metric tons of U.S. soybeans, an 82% increase from the same time frame last year, the USDA said.

Corn sales have jumped 146% to 56.1 million metric tons, and wheat sales since the start of the grain’s marketing year are now at 22.6 million metric tons, a 6% year-on-year increase, the government said.

Still, weighing on prices was a report that Brazil’s Minister of Agriculture confirmed the country, the world’s biggest exporter of soybeans, is expected bumper bean and corn crops despite problems early in the season.

Also capping prices is the strong dollar, which is seeing its best week since November. A stronger greenback makes dollar-denominated commodities more expensive to overseas buyers, potentially curbing some demand.

Soybean futures for March delivery rose 3¢ to $13.75½ a bushel overnight on the Chicago Board of Trade. Soymeal gained 90¢ to $434 a short ton, and soy oil fell 0.06¢ to 44.88¢ a pound.

Corn for March delivery fell ¼¢ to $5.49¾ a bushel. 

Wheat futures for March delivery gained 5½¢ to $6.43 a bushel, while Kansas City futures added 4¢ to $6.22¾ a bushel.

2. Export Sales of Corn Hit Record as China Leads Buyers

Export sales of corn jumped to a record last week and soybean and wheat sales surged as China led all buyers, according to the USDA.

Sales of U.S. corn to overseas buyers was reported at 7.44 million metric tons, the highest since at least 1990, according to Department of Agriculture data.

China bought 5.86 million metric tons of the grain, the agency said.

Japan purchased 502,900 metric tons, Mexico took 403,700 tons, an unnamed country bought 402,900 tons and South Korea was in for 66,000 tons, the USDA said.

Exports last week totaled 995,000 metric tons, down 30% week-to-week and 17% from the prior four-week average.

Soybean sales were reported at 824,000 metric tons, up 77% from the previous week and 4% from the prior four-week average.

China was again the big buyer at 598,900 metric tons, followed by Mexico at 121,400 tons, the Netherlands at 115,500 tons, Egypt at 110,000 tons, and Japan at 87,500 tons, government data show. The total would have been higher but an unknown buyer canceled shipments for 409,500 tons.

Exports last week totaled 1.96 million metric tons, down 11% from the previous seven-day period and 7% from the four-week average.

Wheat sales also jumped, rising 69% from the previous week to 643,100 metric tons.

China purchased 134,000 metric tons, Nigeria took 129,600 tons, Mexico was in for 77,100 tons, Indonesia bought 72,000 tons, and the Philippines took 68,600 tons, the USDA said in its report.

Exports totaled 498,100 metric tons, down 2% from the previous week, but a 29% increase from the average.

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3. Winter Weather Advisory Issued For Much of Nebraska Tonight

A winter weather advisory has been issued for much of the state of Nebraska, where 3 to 5 inches of snow are possible, according to the National Weather Service.

Isolated areas may see more snowfall.

The advisory begins at 10 p.m. local time and ends tomorrow at noon. Road conditions are expected to deteriorate in parts of central, east-central, and south-central Nebraska, the NWS said in a report early this morning.

“Snow will begin tonight between 10 p.m. and 1 a.m. from west to east. Moderate to briefly heavy snow rates are expected late overnight into Saturday morning before activity quickly shifts east by midday,” the agency said. “Winds will not be terribly strong, however, the combination of fluffy snow and occasional northeast wind gusts of 20 to 25 mph may lead to patchy blowing snow Saturday morning.”

In eastern Iowa, northern Illinois, and the bulk of Wisconsin, winter weather advisories are in effect.

In northern Illinois, winds gusting as high as 35 mph will lead to blowing and drifting snow, which could reduce visibility at times, the NWS said.

Northern Wisconsin counties will see strong winds from 30 to 35 mph with scattered snow showers. Little accumulation is expected, the agency said.