In the overnight trading session, soybean futures experienced a slight downturn due to technical selling and favorable weather conditions in Brazil. Meanwhile, corn inspections showed improvement week over week, while soybean and wheat assessments declined. Additionally, freezing temperatures continue to affect parts of Texas, Louisiana, and other regions.

Ag Market Adjustments Amid Weather Changes

The agricultural commodities market saw adjustments as soybean futures dipped slightly during the overnight trading period. The decline was attributed to some technical selling activities and beneficial weather conditions in Brazil, which improved soil moisture and crop prospects. Investors who had previously bet on higher prices likely sold off contracts following the recent surge in prices for soybeans, corn, and wheat amid concerns about South American crops and a weaker dollar. Despite this, concerns about weather conditions in Argentina continue to support prices.

Soybean futures for March delivery fell by 4 cents to $10.63 1/4 per bushel on the Chicago Board of Trade. Soymeal lost $2.10 to $308.90 per short ton, and soy oil dropped by 0.15 cents to 45.62 cents per pound. Corn futures also saw a decline, dropping by 1.5 cents to $4.88 1/2 per bushel. Wheat for March delivery fell slightly to $5.58 1/2 per bushel, while Kansas City futures remained unchanged at $5.75 1/2 per bushel. Rainfall expected in central and southern growing areas of Brazil will enhance soil moisture and boost crop prospects. However, dry weather is forecasted to persist in central and southern regions of Argentina, raising concerns about crop yields.

Corn Inspections Show Improvement; Soybean and Wheat Assessments Decline

Data from the Agriculture Department revealed that corn inspections improved week over week, while assessments for soybeans and wheat decreased. Corn inspections for the seven days ending January 16 rose to 1.54 million metric tons, up from 1.44 million the previous week and significantly higher than the 746,933 tons inspected during the same period last year. This trend reflects a positive outlook for corn exports. In contrast, soybean assessments totaled 973,145 metric tons, down from 1.36 million the previous week and 1.18 million in the corresponding week last year. Wheat inspections were reported at 261,786 metric tons, lower than the 299,191 tons from the prior week and 315,186 tons examined at the same point in 2024.

Since the start of the marketing year on September 1, USDA has inspected 19.2 million metric tons of corn for export, an increase from 14.7 million during the same timeframe last year. Soybean inspections since September now stand at 32.3 million tons, up from 26.8 million assessed during the same period last year. Wheat inspections since the beginning of the grain’s marketing year on June 1 are at 13.3 million metric tons, up from 10.7 million at this point last year. These figures highlight the overall growth in agricultural exports despite weekly fluctuations in assessments.