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3 Big Things Today, October 25

Soybeans Fall in Overnight Trading; Harvest Rolls Along Amid Dry Weather.

1. Soybeans Decline Overnight on Harvest Pressure; Corn Little Changed

Soybean futures pulled back overnight, as the U.S. harvest heads into the home stretch.

More than three fourths of soybeans were collected as of Sunday, according to the Department of Agriculture. Corn collection was more than halfway finished, the USDA said in a report late Monday.

Dry weather in much of the Midwest allowed growers to accelerate the harvest, keeping a lid on prices even as export sales surge. Sales of corn since the start of the marketing year are up 89% from the same period a year earlier. Soybean sales have increased by 26%, and wheat sales are up 27%, according to the USDA.

Soybeans for November delivery fell 3¼¢ to $9.88¾ a bushel on the Chicago Board of Trade. Soy meal futures for December delivery declined 20¢ to $307.10 a short ton, and soy oil lost 0.28¢ to 35.71¢ a pound.

Corn futures for December delivery increased 1¢ to $3.49¼ a bushel in Chicago.

Wheat futures for December delivery rose ¼¢ to $4.03 a bushel in Chicago, while Kansas City futures were unchanged at $4.12½ a bushel. 

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2. Bean, Corn Harvests Chug Along as Dry Weather Reigns

Dry weather last week allowed farmers to get into fields and harvest some beans and corn.

About 76% of soybeans were collected as of Sunday, up from 62% the prior week and exactly on par with the prior four-week average, the USDA said in a report.

Corn was 61% harvested at the start of the week, up from 46% seven days earlier and just behind the five-year average of 62%, according to the government.

After excessive rain wouldn’t stop falling during the growing season, the weather has turned off dry and warm in some areas of the Midwest. Little or no rain has fallen in much of Iowa and Illinois, the biggest producers of corn and soybeans in the U.S., in the past month, according to the National Weather Service.

The dry weather was well timed with the start of harvest, after worries that the rain would keep collection from moving along in a timely manner. Still, growers found several instances of flooded fields and fungal diseases including sudden death syndrome in beans.

About 67% of sorghum was harvested as of Sunday, ahead of the five-year average of 58% for this time of year, and the rice harvest is coming to a close with 97% collected, the USDA said.

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3. Dry Weather Dominates Midwest, Some Rain Possible

Dry weather is the dominant feature on today’s weather map, which shows that most of the Midwest will see favorable harvest weather.

Still, a few showers could develop in eastern Iowa and western Illinois this afternoon and last for the next couple of days, according to the National Weather Service.

“A few thunderstorms are possible tonight,” the NWS said in a report on Tuesday. “Lightning is the main threat with locally heavy rainfall possible. Thunderstorms are possible Wednesday morning through early afternoon.”

Extremely dry weather, low humidity, and warm temperatures have led to a fire warning in parts of Arkansas today. The NWS said that a combination of those three features has increased the chances of wildfires. Burning anything outdoors today is not advised.

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