3 Big Things Today, December 1
1. Soybean Futures Gain Slightly Overnight
After dropping double digits during Wednesday’s trading session, January soybean futures rose 5¼¢ overnight to nearly $10.37½. March soybean futures gained 6¢ overnight and settled at $10.47¼.
As for the corn market, December and March futures rose less than ½¢ overnight, leaving futures prices relatively unchanged.
March wheat futures rose just over ½¢ overnight and landed at nearly $4.03½.
2. Net Farm Income Profitability to Dip for Third Straight Year
The USDA’s Economic Research Service (ERS) released its November 2016 Farm Income Forecast on Wednesday and didn’t paint a rosy picture of net farm income, a measure of profitability. The ERS set its net cash farm income estimate for 2016 at $90.1 billion, which is 14.6% lower than its 2015 estimate.
It also forecast that net farm income would come in around $66.9 billion, which would be the lowest since 2009 in both real and nominal terms if that prediction becomes a reality.
3. Rain/Snow Mix Hitting Upper Midwest Today
Most of North Dakota should look out for freezing drizzle this morning, according to the National Weather Service. West-central and northwest portions of Minnesota may see the same freezing drizzle today. South Dakota will likely face ice today, while other parts of the state have a chance of seeing snow throughout the day.
A rain/snow mix may make an appearance in Iowa, northern Illinois, Minnesota, Wisconsin, and, of course, the Dakotas today, as temperatures sit between 30° F. and 40° F. for most of those regions. Temperatures in the 20° F. to 30° F. range are more likely for the Dakotas and northern Minnesota, while Kansas and Missouri should see temperatures above 40° F. today.
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