3 Big Things Today, November 30
1. Ag Markets Inch Higher Overnight
In overnight trading, December corn futures climbed 4¢ higher to just over $3.40 after falling all of 11¾¢ during Tuesday’s session. March corn futures only fell 9¼¢ during yesterday’s session, but gained almost 3½¢ overnight to end at over $3.52 per bushel.
January soybean futures fell double digits during Tuesday’s trading session but managed to shoot up nearly 4¼¢ overnight to $10.46½ per bushel. March contracts took a hit yesterday, as well, but climbed nearly 4½¢ higher overnight landing contracts at almost $10.55.
March contracts for wheat joined the corn and soybean markets in their marches higher overnight and gained nearly 4½¢ to $4.13¼.
See what this marketing firm has to say about selling soybeans here.
2. Farmers Will Switch to Soy from Corn, USDA Says
The USDA is predicting the second-largest soybean crop ever in 2017, projecting a whopping 4.050 billion bushels will be harvested. Planted soybean acres may rise 900,000 acres from this year to a record 84.6 million acres of 2017 soybeans.
Although still setting a record, the USDA believes growers will produce 14.060 billion bushels of corn in 2017, which is a big drop from the record number of corn bushels being harvested this year. If that projection is correct, the 2017 corn harvest would be the third-largest corn crop ever.
3. Lingering Precipitation in Upper Midwest as System Moves On
Wednesday brings an extended winter weather advisory for much of western South Dakota, while most of North Dakota remains in a winter storm warning. Precipitation should still be expected today, as the system that brought snow to the Upper Midwest will weaken and head east, according to the National Weather Service.
The remainder of the Midwest will stay dry today, while thunderstorms plague the lower Mississippi Valley and Northeast today. Parts of the Tennessee Valley may see heavy rain today, as well.
Wisconsin, Iowa, and Nebraska can expect to see highs of 40° F. and below today, with much of Minnesota remaining in the mid-30s and the Dakotas experiencing cold temperatures ranging from 25° F. to 34° F. Illinois, Missouri, and Kansas will see temperatures sitting in the 40s for much of their states but rising above 50° F. in other parts today.