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3 Big Things Today, December 16, 2021

Soybeans Lower in Overnight Trading; Weekly Ethanol Output Falls

1. Soybean Futures Rise in Overnight Trading

Soybean futures were higher in overnight trading while corn and wheat were little changed.

Soybean crush fell to 179.5 million bushels in November, down more than 2% from the previous month, the National Oilseed Processors Association reportedly said in a report yesterday.

That missed expectations from analysts polled by Reuters for 181.6 million bushels.

NOPA also said soybean oil inventories in the U.S. fell to 1.832 billion pounds as of Nov. 30, down slightly from 1.835 billion at the end of October.

Still, capping prices is slack demand this week after a flurry of purchases last week.

The U.S. Department of Agriculture hasn't reported any sales to overseas buyers of 100,000 metric tons this week.

That follows eight straight days through Dec. 9 when sales of 100,000 metric tons or more of soybeans, corn or wheat were reported, USDA data show.

Soybean futures for March delivery gained 6 1/2¢ to $12.71 ¾ a bushel overnight on the Chicago Board of Trade. Soymeal was up $1.80 to $370.80 a short ton, while soy oil added 0.49¢ to 54¢ a pound.

Corn futures for March delivery were up 1/2¢ to $5.86 1/2 a bushel.

Wheat futures for March delivery dropped 3 3/4¢ to $7.52 1/4 a bushel, while Kansas City futures lost 2¢ to $7.83 a bushel.

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2. Weekly Ethanol Production Falls, Stockpiles Increase

Ethanol output declined in the seven days that ended on Dec. 10 while stockpiles rose to the highest in more than three months, according to the Energy Information Administration.

Production of the biofuel fell to an average of 1.087 million barrels a day last week, down from 1.09 million the previous week, the EIA said in a report.

The entirety of the declines came in the Midwest, by far the biggest producing region.

Output there fell to an average of 1.025 million barrels a day from 1.03 million barrels a week earlier, the report said.

East Coast production was unchanged at 12,000 barrels a day, on average, and West Coast output remained at 9,000 barrels a day, the government said.

Gulf Coast production rose to 26,000 barrels a day from 25,000 barrels a week prior.

Rocky Mountain output increased to an average of 15,000 barrels a day from 14,000 barrels a week earlier.

Stockpiles, meanwhile, surged to the highest in more than three months.

Inventories on Dec. 10 totaled 20.883 million barrels, up from 20.464 million the previous week and the highest amount in storage since the seven days that ended on Aug. 27, the EIA said in its report.

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3. Wind Storms Move East Into Illinois and Wisconsin

Winds that spurred damaging tornadoes parts of Nebraska and Iowa yesterday are now headed east into eastern Wisconsin and northern Illinois, according to the National Weather Service.

High-wind warnings are in effect until 9 a.m. for parts of northern Illinois including the Chicago area, the NWS said in a report early this morning.

Overnight winds were sustained from 20 to 25 miles an hour with gusts of up to 50 miles an hour, the agency said.

"Winds may be strong enough to still down branches and some power lines," the NWS said. "Additional scattered power outages are possible. Travel will be difficult, especially for high profile vehicles."

In eastern Wisconsin, meanwhile, winds will be sustained from 30 to 40 miles an hour with gusts of up to 70 miles an hour, the agency said. Residents are advised to remain in the lower level of their homes and watch for falling debris if outside.

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