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3 Big Things Today, November 10

Beans, Corn Futures Jump in Overnight Trading; USDA Unexpectedly Raises Crop Production Forecasts.

1. Soybeans, Corn Rise as Bargain Seekers Jump Into Markets

Soybean and corn futures rose in overnight trading as bargain hunters jump into markets seeking contracts after a global sell-off in equities and commodities immediately after Donald Trump’s unexpected victory in the presidential election.

The sell-off after Trump’s victory on Tuesday was swift, but almost equally as quick were traders looking to capitalize on the sell-off, with many saying the time to buy was when prices were low. Analysts said Trump’s policies will likely help certain companies because he will appoint more lenient regulators at some agencies including the Securities and Exchange Commission.

Still, some market-watchers are worried about Trump’s plan to raise import tariffs on certain goods, especially those from China. That could spark a backlash in which importers of U.S. goods will raise import duties, leading to a decline in sales.

Soybeans for January delivery gained 19¢ to $10.10 a bushel on the Chicago Board of Trade. Soy meal futures for December delivery added $5.20 to $316.60 a short ton, and soy oil rose 0.51¢ to 34.82¢ a pound. 

Corn futures for December delivery added 5¢ to $3.45¾ a bushel in Chicago.

Wheat futures for December delivery gained 5¾¢ to $4.12½ a bushel in Chicago, while Kansas City futures rose 4¾¢ to $4.15 a bushel. 


2. USDA Boosts Corn, Bean Production, Yield Forecasts Well Beyond Expectations  

The U.S. Department of Agriculture in a monthly report surprised growers, traders, and analysts by raising its outlook for corn yield and production.

The USDA said in its World Agricultural Supply and Demand Estimates on Wednesday that production of the grain would total 15.2 billion bushels this year on yields of 175.3 bushels an acre – both records.

That’s up from an October estimate off 15.1 billion bushels and yields of 173.4 billion bushels, and it is well above analyst expectations for a decline to 15 billion bushels on yields of 173.2 bushels an acre.

Soybean production also came in above expectations. The USDA pegged output at 4.36 billion bushels on yields of 52.5 bushels an acre – also both records – up from last month’s forecast for 4.27 billion bushels on yields of 51.4 bushels an acre.

Analysts had forecast an increase to 4.31 billion bushels on yields of 52 bushels an acre.

Corn stockpiles topped forecasts, as the USDA said growers will have 2.4 billion bushels in storage at the end of the marketing year on August 31, up from last month’s projection and analyst average forecast for 2.32 billion bushels.

Soybean inventories were pegged at 480 million bushels, the government said, beating last month’s outlook for 395 million bushels and well above forecasts by analysts for 424 million bushels.

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3. Frost, Freeze Warnings Move East, Potentially Threaten Soft Red Winter Wheat

Frost is expected to be widespread in the southern Midwest into Appalachia today as a cold front slides east from the Southern Plains, according to the National Weather Service.

Low temperatures are expected to result in frost on plants, which could potentially harm some soft red winter wheat used in feed, cookies, and cakes. The widespread frost warning stretches from east-central Kansas to central North Carolina, NWS weather maps show.

Some freeze warnings have been issued in Oklahoma and Arkansas counties overnight, the agency said. Still, it’s unlikely that temperatures will drop low enough to damage plants, as they’re expected to stay in the low 30s, according to the NWS.

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