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3 Big Things Today, January 31, 2020

Crop Futures Little Changed Overnight; Soybean Sales For Export Drop Week to Week.

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1. Corn, Wheat, Beans Little Changed in Overnight Trading

Corn, wheat, and soybean futures were little changed in overnight trading as investors weigh concerns about the spread of coronavirus against relatively low prices.

In China, more than 9,800 cases have been reported with the death toll rising to 213, according to officials in the Asian country. The U.K. reported its first two cases of the disease.

A sixth case was confirmed in the U.S. yesterday. So far, two cases have been confirmed in Illinois, two in California, and one each in Washington and Arizona, according to the Centers for Disease Control and Prevention.

Prices have fallen in recent days due to concerns about the impact of the virus on demand.

Still, the lower prices have spurred some technical buying and bargain hunting, which seems to be underpinning futures overnight.

Corn futures for March delivery rose ¼¢ to $3.79¾ a bushel overnight on the Chicago Board of Trade.

Wheat futures for March delivery fell 1¢ to $5.59½ a bushel, while Kansas City futures lost 2¢ to $4.69 a bushel.

Soybean futures for March delivery was unchanged at $8.76¼ a bushel overnight. Soy meal futures rose 10¢ to $291.60 a short ton, and soy oil declined 0.31¢ to 30.32¢ a pound.

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2. Soybean Sales Decline Week to Week as Large China Purchases Still Missing

The jump in soybean sales after the U.S. and China signed a trade deal earlier this month still has yet to materialize as purchases of the oilseeds dropped week to week.

Soybean sales to overseas buyers were reported at 469,700 metric tons in the seven days that ended on January 23, down 41% from the prior week and 11% from the four-week average, the USDA said.

Analysts had pegged sales from 400,000 to 1.1 million metric tons, according to researcher Allendale.

China was still the big buyer for the week, taking 360,900 metric tons, the USDA said in a report. Japan bought 95,700 tons, Spain was in for 71,400 tons, the Netherlands took 69,100 tons, and Thailand purchased 45,400 tons.

Corn sales, meanwhile, jumped to 1.23 million metric tons last week, the agency said. That’s up 23% from the previous week and 99% from the four-week average.

Analysts expected sales from 630,000 to 1.3 million metric tons.

An unknown buyer purchased 345,000 metric tons, Colombia bought 228,000 tons, Mexico was in for 190,200 tons, Guatemala took 106,300 tons, and Japan bought 81,400 tons, the USDA said.

Wheat sales were reported at 646,300 metric tons, a 7% decrease week to week but a 49% jump from the prior four-week average.

Analysts had pegged sales from 300,000 to 750,000 metric tons.

Bangladesh was the big buyer at 165,000 metric tons, Japan bought 97,900 tons, Mexico took 96,600 tons, Guatemala purchased 92,000 tons, and an unnamed buyer took 60,300 tons, the agency said.

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3. Snow Likely in Parts of Eastern Iowa, Western Illinois Today

Two rounds of snow are possible in eastern Iowa and western Illinois today, according to the National Weather Service.

Snow likely will fall this morning with a second round coming this afternoon into the evening, the NWS said in a report early this morning.

Accumulations are expected to be around ½ inch in the region, though freezing drizzle and fog also are possible, the agency said. That could create unsafe driving conditions.

In eastern Nebraska and western Iowa, meanwhile, light snow showers are expected to continue this morning.

Snowfall of about ½ inch is possible, though most areas won’t see accumulations, the NWS said.