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3 Big Things Today, November 9

Beans, Corn Lower in Overnight Trading; USDA Likely to Lower Corn, Raise Bean Output.

1. Soybeans, Corn Fall After Trump’s Unexpected Election Victory

Soybean and corn futures declined overnight, following outside markets, after Donald Trump unexpectedly won the U.S. presidency.

Markets globally plunged – everything from equities to commodities – after the Republican nominee pulled a stunning upset over Democrat Hillary Clinton. Investors are worried about the uncertainty surrounding Trump and what his ascension to the Oval Office will mean for global trade.

The billionaire real estate mogul has promised sweeping tariffs on imports, especially from China, which likely would result in retaliation and high tariffs on U.S. shipments overseas. That could result in reduced demand for U.S. corn, beans, and wheat.

Soybeans for January delivery fell 7¾¢ to $10.03½ a bushel on the Chicago Board of Trade. Soy meal futures for December delivery declined $3.30 to $312.40 a short ton, and soy oil lost 0.23¢ to 35.08¢ a pound.  

Corn futures for December delivery fell 4¢ to $3.50¼ a bushel in Chicago.

Wheat futures for December delivery declined 5¢ to $4.10¼ a bushel in Chicago, while Kansas City futures lost 4¾¢ to $4.12¾ a bushel. 

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2. USDA Likely to Lower Corn Output Estimate, Raise Soybean Production  

The U.S. Department of Agriculture will likely lower its outlook for corn production while raising its projection for soybean output when it releases its monthly World Agricultural Supply and Demand Estimates report today.

Corn production likely will be pegged at 15.04 billion bushels, down from 15.06 billion forecast last month, according to analysts. Yield is expected at 173.2 bushel an acre, down from 173.4 bushels in the October report.

Soybean output is seen at 4.31 billion bushels in today’s report, up from the 4.27 billion bushels projected a month ago, analysts said. Yields likely will be reported at 52 bushels an acre, up from 51.4 bushels an acre last month.

U.S ending stockpiles of corn are expected to be about 2.32 billion bushels, little changed from a month ago, while soybean inventories likely will be pegged at 424 million bushels, up from October’s outlook for 395 million bushels.

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3. Freeze Warning in Southern Plains Unlikely to Cause Damage

Freeze warnings and frost advisories abound in the Southern Plains and are stretching into the central Midwest, according to the National Weather Service.

Temperatures overnight fell into the upper 20s in parts of Kansas, though most areas remained in the low 30s, meaning damage to winter wheat was unlikely. The freeze warning that stretches from the Texas Panhandle into central Kansas ends at 9 a.m.

Frost is expected to be widespread, reaching as far northeast as central Illinois, according to the NWS. In other areas, rainfall is expected, as a storm moves east from Texas into the Gulf Coast.

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