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3 Big Things Today, October 29, 2019

Soybeans Lower in Overnight Trading; Weekly Export Inspections of Beans Jump.

1. Soybeans Modestly Lower Overnight as Harvest Rolls On

Soybeans were lower in overnight trading as farmers accelerated the harvest in the past week.

About 62% of the U.S. soybean crop was collected as of Sunday, up from 46% a week earlier, according to the USDA.

In Iowa, 66% of the state’s beans were in the bin vs. only 48% the previous week. In Illinois about 69% were collected compared with 52% seven days earlier, the USDA said in a report.

Some snow may fall in the central Midwest tonight and tomorrow but it likely will melt quickly, limiting damage, Commodity Weather Group said in a report. Beyond that, the weather looks mostly clear for the next seven to 10 days, according to the National Weather Service.

Only 41% of the U.S. corn crop has been harvested so far, up from 30% the previous week but well behind the prior five-year average of 61%, the USDA said.

About 26% of Iowa corn was in the bin at the start of the week, less than half the normal amount for this time of year. In Illinois, 54% was harvested, behind the average pace of 80%.

Soybean futures for November delivery fell 2¾¢ to $9.32¾ a bushel overnight on the Chicago Board of Trade. Soy meal declined 50¢ to $303.50 a short ton, while soybean oil lost 0.03¢ to 30.75¢ a pound.

Corn futures for December delivery fell 1¼¢ to $3.82¾ a bushel overnight.

Wheat for September delivery was unchanged at $5.11¾ a bushel, while Kansas City futures fell ¼¢ to $4.17¼ a bushel.

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2. Soybean Inspections Jump Week to Week, Corn, Wheat Assessments Down

Inspections of soybeans jumped week to week, while corn and wheat assessments declined, according to the USDA.

The government inspected 1.57 million metric tons of soybeans in the seven days that ended on October 24, up from 1.33 million the previous week. The total also was up from the 1.35 million tons assessed during the same week in 2018.

China was the main destination for almost all of the U.S. port areas, USDA data show.

Corn inspections, however, declined to 380,660 metric tons, down from 579,957 tons the previous week, the agency said in its report. The total was about half the prior year’s 738,335 tons.

Wheat assessments also declined, falling to 523,262 metric tons from 580,680 tons a week earlier. The total was still higher than the 393,939 tons inspected during the same week in 2018, the USDA said.

Since the start of the marketing year on September 1, the government has inspected 8.06 million metric tons of soybeans for overseas delivery, up from the 7.38 million tons during the same time frame a year earlier.

Corn inspections since the start of September now stand at 3.47 million tons, well behind the year-earlier total of 8.7 million tons, according to the government.

Since the beginning of the grain’s marketing year on June 1, wheat inspections have totaled 10.6 million metric tons, up from 8.61 million tons during the same period in 2018, the USDA said.

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3. Winter Weather Expected From Utah to Missouri, Eastern Colorado May See 10 Inches of Snow

Winter weather is expected in a large swath of land stretching from southern Idaho and central Utah into northern Missouri, according to the National Weather Service.

A winter storm warning has been issued for parts of eastern Colorado where as much as 10 inches of snow is forecast, the NWS said in a report early this morning. The warning begins at noon mountain time today and extends through noon tomorrow.

“The storm system will track east across Colorado late tonight and Wednesday,” the agency said. “Snow will become widespread this morning, across much of the area, with heavier snow developing later this morning through the afternoon.”

While it will hinder travel, the snow will provide a nice blanket for recently emerged winter wheat. It will, however, impede any remaining corn and soybean harvest in the area.

In northern Kansas and southern Nebraska, meanwhile, a winter weather advisory is in effect from 7 p.m. central time through 7 p.m. tomorrow.

As much as 3 inches of snow are expected across both states into Missouri.

“The majority of snow accumulations will (be) between midnight tonight and noon Wednesday,” the NWS said. “The snow will taper off from west to east Wednesday afternoon.”

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