Soybean and corn futures were little changed in overnight trading as some rain is expected in parts of Argentina, which has been extremely dry for months.
Rain fell in the states of Cordoba, western Buenos Aires, and northeastern La Pampa earlier this week, said Don Keeney, an agricultural meteorologist with Maxar.
Precipitation also is expected next week in several growing states.
“Rain in southwest areas will improve moisture and crop conditions,” he said. “Moisture remains short in northeast areas but improvement (is expected) next week.”
Still, the South American country has been extremely dry for quite some time so traders are keeping an eye on how much this rain improves crop conditions.
The U.S. Department of Agriculture last week pegged soybean production in Argentina at 45.5 million metric tons, down from the December outlook for 49.5 million tons.
Exports from the country are now seen at 5.7 million metric tons, down from the previous forecast for 7.7 million tons, USDA said.
Soybean futures fell 1½ cents to $15.23 a bushel overnight on the Chicago Board of Trade. Soymeal was down 40 cents to $477.70 a short ton, while soy oil lost 0.12 cents to 64¢ a pound.
Corn futures for March delivery declined 2¼ cents to $6.79 a bushel.
Wheat futures for March delivery gained ¼ cent to $7.42 ¾ a bushel overnight, while Kansas City futures lost 2¼ cents to $8.39 ¼ a bushel.
Exports of agricultural products in December jumped to 3.7 million metric tons in December from 2.6 million in November, the United Nations said in an update yesterday on the agreement that allows ships to move out of Ukrainian ports.
In the first two weeks of January, about 1.2 million metric tons of food products have moved from the pots, though unfavorable weather n the port city of Odesa and inspection areas in Turkey have slowed movements, the UN said.
About 17.8 million metric tons of grains and other food products have been shipped from Ukraine’s ports under the Black Sea Grain Initiative since its start on Aug. 1.
China has been the biggest recipient, followed by Spain and Turkey, the UN’s Joint Coordination Centre (JCC) said in its report.
Roughly 44% of the wheat exported has been shipped to low and middle-income countries, and the World Food Programme bought 8% of total exports of the grain.
Thirty-two ships are waiting for inspection in Turkish waters while another roughly 70 vessels have applied to be a part of the Black Sea Grain Initiative, the United Nations said. Three inspection teams have been deployed by the UN daily, averaging 5.3 inspections per day. The average wait time for ships from application to inspection is three weeks.
“The United Nations urges all parties to work to remove obstacles for the reduction of the backlog and improve operational efficiencies within the JCC,” the UN said in its report.
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Winter storm warnings and winter weather advisories remain in effect for much of Iowa, southern Minnesota, and almost all of Wisconsin, according to National Weather Service maps.
Light to moderate snow is expected in parts of northern Iowa this morning with another inch or two forecast on top of what’s already fallen, the NWS said in a report early this morning.
“Patchy blowing snow could significantly reduce visibility,” the agency said.
In central and northern Wisconsin, heavy snow was falling before dawn, which will make travel difficult. Snow is expected to fall at a rate of 1 to 2 inches an hour this morning, the NWS said.
Snow accumulations in some areas of the state will total as much as 9 inches, the agency said 
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