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3 Big Things Today, November 8

Soybeans Higher Overnight Amid Strong Demand For U.S. Supplies; Election Day Finally Dawns.

1. Soybeans Rise as Strong Sales Continue to Keep Prices Afloat

Export sales continue to boost soybean prices, which were higher in overnight trading.

Exporters reported sales of 132,000 metric tons of soybeans to China for delivery in the marketing year that started on September 1, the Department of Agriculture said yesterday. The Philippines purchased 135,000 tons of soybean meal for delivery this year, the USDA said.

Unknown buyers were in the market for 172,000 metric tons of corn, according to the government. Corn futures were slightly higher in overnight trading.

Strong sales have kept prices afloat as overseas buyers snap up inexpensive U.S. supplies. The sales are well timed, as growers are wrapping up what is expected by the USDA and some private analysts to be a record harvest for both beans and corn.  

Soybeans for January delivery rose 8¢ to $10.06½ a bushel on the Chicago Board of Trade. Soy meal futures for December delivery added $1.30 to $313.20 a short ton, and soy oil gained 0.64¢ to 35.43¢ a pound.  

Corn futures for December delivery rose a penny to $3.47¼ a bushel in Chicago.

Wheat futures for December delivery gained ¾¢ to $4.10¾ a bushel in Chicago, while Kansas City futures added 1¾¢ to $4.11¾ a bushel. 

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2. Election Day Arrives as Candidates’ Plans For Rural Affairs Lost in Rhetoric  

It’s election day.

The day that most people can’t wait to end so the ongoing political rhetoric between two of the countries least popular candidates in quite some time can finally come to a close. The candidates differ on agriculture policy, and little has been said about their stances on ag issues.

Here’s a very brief synopsis of their stances.

Republican candidate Donald Trump said at an event in Iowa earlier this year that he mostly wants to reduce regulation on family farms and would “protect” the Renewable Fuel Standard.

Trump also said he would eliminate regulations such as the Waters in the U.S. rule that defines which rivers are protected by the EPA and the Army Corps of Engineers.

He also said his tax plan would reduce the tax rate on family farms to 15% and stop what he calls “double taxation” on family farms, which would allow farms to be passed down from generation to generation. He reportedly endorses crop insurance and separating food stamps from the farm bill.

Democratic nominee Hillary Clinton said she wants to improve investment in farms by reducing regulations for small banks, improve infrastructure in rural communities, and expand development of tax credits for small business owners.

She said she wants to increase funding that would allow young farmers to get up and running, and she said she’ll create “a focused safety net” to help farm families when times are challenging. She also is in favor of and plans to strengthen the Renewable Fuels Standard.

Clinton said she would work to expand rural transportation and access to broadband internet, and would help the rural economy by making it easier to secure capital and encourage investments in small communities.

Again, this is a brief synopsis. To learn more about what the candidates want for rural communities and farm families, look more into their respective positions. Be sure to vote – no matter for whom you’re voting.

Get today’s news sent to your in-box by signing up for Successful Farming newsletters.

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3. Freeze Warning in Effect For Much of Hard Red Winter Wheat Country

A freeze warning is in effect for much of the Southern Plains including the Texas Panhandle, the Oklahoma Panhandle, and much of southwestern Kansas, according to the National Weather Service.

Temperatures are expected to fall into the upper 20s and lower 30s throughout the night for much of the region that stretches from central Kansas through the Texas Panhandle, the NWS said. Some crops could be damaged if temperatures stay low enough for long enough, the agency said.

Some rain is expected in parts of the Ohio Valley and northeast, as a storm that had brought rain to parts of the Southern Plains moves east. Smoke from wildfires will reduce air quality in parts of Ohio and Kentucky today, according to the NWS.

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