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3 Big Things Today, November 13, 2019
1. Grains Slightly Lower, Beans Modestly Higher Overnight
Grains were slightly lower while soybeans were higher in overnight trading Wednesday.
The USDA released its Weekly Crop Progress Report a day late yesterday, and it showed the harvest is still woefully behind schedule.
About 66% of the corn crop was collected as of Sunday, up from 52% the previous week but behind the prior five-year average of 85%, the USDA said.
In Iowa, 64% was in the bin vs. 43% a week earlier and trailing the average of 86% for this time of the year. Illinois growers have harvested 71% of their corn, up from 58% the previous week but behind the normal 93%.
Some 85% of soybeans were collected at the start of the week, up from 75% seven days earlier but still behind the average of 92%, the government said.
Iowa growers have collected 91% of their soybeans, up from 80% the previous week and behind the 96% average. About 87% of Illinois beans were in the bin as of Sunday, up from 77% a week earlier and the normal 95%.
Growers in the Southern Plains are almost done planting their winter wheat as 92% is now in the ground, the USDA said. That’s up from 89% a week earlier and on par with the average for this time of year.
Corn futures for December delivery fell 1¢ to $3.76¾ a bushel overnight on the Chicago Board of Trade.
Wheat for September delivery dropped 3¾ to $5.13¼ a bushel, while Kansas City futures lost 4¢ to $4.34¾ a bushel.
Soybean futures for January delivery rose 1¢ to $9.18 a bushel. Soy meal added 60¢ to $302.90 a short ton, while soybean oil fell 0.16¢ to 30.87¢ a pound.
2. Inspections of Corn, Wheat Rise Week to Week, Soybean Assessments Fall
Inspections of corn and wheat for export jumped week to week, while soybean assessments declined, the USDA said in a report that was delayed due to the Veterans Day holiday.
Corn inspections for overseas delivery rose to 560,105 metric tons in the seven days that ended on November 7, almost double the 283,704 tons the previous week. The total was still well below the 1.16 million tons assessed during the same week a year earlier.
Examinations of wheat for offshore shipping was reported at 528,875 metric tons, up from the 293,971 tons inspected a week earlier and the 354,188 tons assessed in the same week in 2018, the government said in its report.
Soybean inspections, meanwhile, declined to 1.33 million metric tons from 1.48 million tons the previous week, the USDA said. That’s also down from the 1.36 million tons examined at the same time last year.
Since the start of the marketing year on September 1, the government has inspected 4.32 million metric tons of corn for overseas delivery. That’s down sharply from the 11.1 million tons assessed during the same time frame in 2018.
Soybean inspections since the start of September are at 10.9 million metric tons, up from the 9.98 million tons at this point last year, government data show.
Wheat assessments since the start of the grain’s marketing year on June 1 are now at 11.5 million metric tons, up from the 9.3 million tons examined during the same period in 2018, the USDA said.
3. Wintry Mix Hitting Parts of Iowa Today, Cold Weather Remains Over Illinois, Indiana
A mix of snow and ice is expected in parts of Iowa that will change to mostly snow by midday, according to the National Weather Service.
A light glazing of ice along with up to an inch of snow – lighter amounts in some areas – is expected in central parts of the state, the NWS said in a report early this morning.
A winter weather advisory has been issued for counties in northeastern Nebraska and northwestern Iowa, the agency said.
Farther east in northern Illinois and Indiana, cold weather remains in place this morning. Wind chills are as low as -5˚F., and light snow is in the forecast with parts of the region potentially getting up to an inch.
In the Southern Plains, meanwhile, low humidity and rising wind speeds are causing dangerous wildfire conditions, the agency said. Burning is highly discouraged.
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