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3 Big Things Today, November 1

Corn, Beans Slightly Lower in Overnight Trading; Harvest Rolls Along Amid Dry Weather.

1. Corn, Soybean Futures Down Slightly in Overnight Trading

Corn and soybeans were modestly lower in overnight trading as the harvest moves on, making ready a glut of both crops.

The corn harvest was three fourths finished this week, while soybeans were nearing the 90% mark, according to the Department of Agriculture. Favorable weather last week allowed producers to get into fields.

Prices are still being buoyed by strong demand for U.S. supplies. Exporters reported sales of 100,973 metric tons of corn to unknown buyers, 264,000 tons of soybeans to China, and 111,000 tons of grain sorghum to unknown destinations, the USDA said on Monday.

Corn futures for December delivery fell a penny to $3.53¾ a bushel on the Chicago Board of Trade.

Soybeans for January delivery lost ½¢ to $10.11¼ a bushel in Chicago. Soy meal futures for December delivery rose 20¢ to $316.30 a short ton, and soy oil lost 0.22¢ to 34.95¢ a pound.  

Wheat futures for December delivery fell 1½¢ to $4.14¾ a bushel in Chicago, while Kansas City futures declined ¼¢ to $4.14½ a bushel. 

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2. Producers Enter Home Stretch of Corn, Bean Harvest, Winter Wheat Planting

Growers are entering the home stretch, as the soybean harvest looks almost ready to wrap up and corn collection reaches its final stages.

U.S. soybean producers were 87% finished with the harvest as of Sunday, up from 76% a week earlier and ahead of the five-year average pace of 85% for this time of year, according to the Department of Agriculture.

The corn harvest was 75% complete, up from 61% last week and on par with the average historical pace for the week, the USDA said.

Dry weather last week helped farmers. Little or no rain fell in much of Nebraska, southern Iowa, and Missouri in the past week, according to the National Weather Service. About 76% of sorghum was harvested, up from 67% a week earlier and the five-year average pace of 68%.

While corn and bean growers are almost done harvesting, winter wheat farmers are mostly done planting. Some 86% of the U.S. crop was seeded as of Sunday, up from 79% a week earlier, but behind the average of 88% for this week, according to the government.

About 70% of the winter wheat crop was emerged, up from 60% last week and close to the five-year average, the USDA said.  

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3. Showers Developing in Parts of Central, Eastern Midwest Midweek

Some showers have developed in parts of the Midwest that could delay the finish of this year’s corn and soybean harvests.

“Showers in central and eastern areas midweek will slow harvesting a bit, although no major setbacks are expected as drier weather returns by the end of the week,” said Donald Keeney, a senior agricultural meteorologist with MDA Information Services.

The Plains are forecast to also see precipitation on Wednesday and Thursday, Keeney said in a report on Tuesday morning. The rain will benefit recently emerged wheat in parts of west Texas and western Oklahoma, though amounts will be too small to benefit crops in western Kansas, western Nebraska, and eastern Colorado, he said.

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