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3 Big Things Today, September 28

Soybeans, Corn Futures Fall Overnight; Tyson Recalls Chicken Nuggets That May Contain Plastic.

1. Soybeans, Corn Lower Overnight as Dry Weather May Allow Farmers Into Fields

Soybeans and corn futures were lower overnight as dry weather in much of the Midwest and Plains will speed up the harvest.

A large storm that stretched from Canada to Mexico has moved east, leaving the Midwest dry for the rest of the week, according to the National Weather Service. That will help accelerate the harvest, which, as of Sunday, was behind the five-year pace.

About 10% of soybeans were collected, below the average of 13% for this time of year, while 15% of corn was harvested, behind the average of 15% for this week, the U.S. Department of Agriculture said in a report on Monday.

Soybeans for November delivery fell 4¢ to $9.48½ a bushel overnight on the Chicago Board of Trade. Soy meal futures for December delivery rose 30¢ to $299.90 a short ton, and soy oil fell 0.44¢ to 32.91¢ a pound.

Corn futures for December delivery declined 1½¢ to $3.30¼ a bushel.

Wheat futures for December delivery fell ¼¢ to $4.03¾ a bushel in Chicago, while Kansas City futures lost ¾¢ to $4.18½ a bushel.

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2. Tyson Recalls 132,520 Pounds of Chicken Nuggets That May Contain Hard Plastic

Tyson Foods, the biggest meat processor in the U.S., is voluntarily recalling 132,520 pounds of fully cooked chicken nugget products that may contain hard plastic, the Department of Agriculture said on its website late yesterday.

The company is recalling its 5-pound bags marked “Tyson Fully Cooked Panko Chicken Nuggets” that were sold at Costco stores nationwide, and 20-pound packages of “Spare Time Fully Cooked Panko Chicken Nuggets, Nugget-Shaped Chicken Breast Pattie Fritters With Rib Meat” that were sold to a single retailer in Pennsylvania, the USDA said.

“A small number of consumers contacted the company to say they had found small pieces of hard, white plastic in the nuggets, prompting the company to issue the recall,” Tyson said in a statement. “Though the plastic pieces have been found in a very small number of packages, out of an abundance of caution, the company is recalling 132,520 pounds of product.”

No injuries have been reported, the company said.  

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3. Dry Weather to Aid Harvest, Rivers Still Flooding in Iowa   

Dry weather is expected in much of the Midwest the rest of the week as the storm system that caused flooding in parts of the region moves east.

The weather is expected to be cool and mostly dry across much of the central U.S. into the Southern Plains, according to the National Weather Service. Storms are still expected in parts of the southern U.S. into the Ohio River Valley, the NWS said in a forecast on Wednesday morning.

Even as the rains abate, flooding is still a problem in parts of eastern Iowa. A flood warning remains in effect for several counties as the Mississippi River at Rock Island was at its 15-foot flood stage at midnight and is expected to continue to rise to 16.9 feet by Sunday morning before falling.

The river was at 15.3 feet in Dubuque and rising, nearing its 16-foot flood stage. The Mississippi River is expected to reach 16.3 feet by Friday before returning below flood stage on Saturday evening, according to the weather service.

The Wapsipinicon River is at 22.6 feet, above the 14.5-foot flood stage, the NWS said. The river is expected to drop below flood stage by Saturday morning.

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