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3 Big Things Today, November 15

Soybeans, Corn Lower in Overnight Trading; Money Managers Most Bullish on Crops Since July.

1. Soybeans Decline Overnight as Harvest Closes, Stockpiles Rise

Soybeans were again lower in overnight trading, as U.S. growers wrap up harvest and stockpiles rise.

The Department of Agriculture last week reiterated its stance that soybean and corn production would both be records, which likely means a glut of both crops for quite some time.

Soybean output is pegged at 4.36 billion bushels on yields of 52.5 bushels an acre, and corn production is pegged at 15.2 billion bushels on yields of 175.3 bushels an acre, all records. Ending stockpiles for beans will rise to 480 million bushels. Corn inventories are pegged at 2.4 billion bushels, the USDA has forecast.

Soybeans for January delivery fell 4¼¢ to $9.79¾ a bushel on the Chicago Board of Trade. Soy meal futures for December delivery lost $1.80 to $308.10 a short ton, and soy oil declined 0.06¢ to 33.89¢ a pound. 

Corn futures for December delivery fell ¾¢ to $3.36½ a bushel in Chicago.

Wheat futures for December delivery gained 2¢ to $3.96 a bushel in Chicago, while Kansas City futures rose 1¢ to $4.03¾ a bushel. 

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2. Money Managers Cut Bets Against Corn to Lowest in Almost Four Months

Money managers were the least bearish on corn and the most bullish on beans than they have been in almost four months.

Speculative investors lowered their net-short positions in corn to 13,478 contracts, the lowest since July 15, down from 52,761 contracts a week earlier, the Commodity Futures Trading Commission said in a report on Monday.

The weekly report was pushed back due to the Veteran’s Day holiday on Friday.

Net-long positions in soybeans jumped to 125,121 contracts as of last Tuesday, up from 111,808 contracts a week earlier and the most bullish speculators have been since mid-July, according to CFTC data.

Money managers were less bullish on wheat, however, raising net-short positions in soft red winter to 110,926 contracts from 108,568 a week earlier. Bets on higher hard red winter wheat fell to 1,478 contracts from 4,018 the prior week, according to the CFTC.

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3. First Winter Storm of Season May Hit Nebraska, Dakotas Later This Week

A storm system will drop out of the Rockies later this week and sweep into the Plains, potentially covering much of Nebraska and the Dakotas in rain and snow, the National Weather Service said in a report on Tuesday.

The system is expected to drop snow in the mountains today and tomorrow, and begin creeping into western Nebraska, South Dakota, and North Dakota on Thursday. By Friday, heavy rain may fall, which could turn into snow, though it’s unsure how much will accumulate, the NWS said.

“Uncertainty remains as to how much snow will accumulate,” the agency said in today’s report. “Strong winds will cause blowing and drifting snow.”

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