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321356

3 Big Things Today, December 7, 2021

Soybeans, Grains Little Changed Overnight; Export Inspections Down Across the Board.

1. Soybean and Grain Futures Little Changed Overnight

Soybean and grain futures were little changed in overnight trading as investors square positions ahead of Thursday’s World Agricultural Supply and Demand Estimates (WASDE) report from the U.S. Department of Agriculture.

The USDA is expected to reduce its outlook for soybean and wheat ending stocks while raising its forecast for corn inventories, according to a survey from Reuters.

Global soybean and wheat inventories likely will be revised lower month-to-month while corn stocks will be mostly unrevised, the survey said.

The Ag Department issued its last weekly crop conditions report for the U.S. as a whole, but the National Agricultural Statistics Service (NASS), a division of the agency, in Kansas is still keeping an eye on the hard-red winter wheat crop.

About 58% of the winter wheat crop in Kansas, the biggest producer of the grain in the country, was in good or excellent condition as of Sunday, the Manhattan, Kansas, NASS office said in a report yesterday. That’s down from 62% a week earlier.

According to the report, 30% was fair, 9% was poor, and 3% of the crop was in very poor condition. Topsoil moisture is 47% adequate with 1% surplus, and subsoil moisture is 50% adequate and 1% surplus, the agency said.

Persistent demand for U.S. agricultural products also is underpinning prices.

Exporters said they sold 130,000 metric tons of soybeans to China for delivery in the marketing year that started on Sept. 1, the USDA said. That marks the fifth straight day of sales of more than 100,000 metric tons to overseas buyers.

Soybean futures for November delivery fell 2¢ to $12.59½ a bushel overnight on the Chicago Board of Trade. Soymeal lost $1.30 to $351.30 a short ton, while soy oil rose 0.57¢ to 58.43¢ a pound.

Corn futures for December delivery were up ¾¢ to $5.84¼ a bushel.

Wheat futures for December delivery lost 1½¢ to $8.04¾ a bushel, while Kansas City futures rose 1½¢ to $8.24 a bushel.

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2. Export Inspections Down Across the Board Last Week

Export inspections of corn, beans, and wheat all declined in the seven days that ended on Dec. 2, according to the USDA.

The government inspected 758,169 metric tons of corn for offshore delivery last week, down from 805,214 tons the previous week. That’s also down from the 824,506 metric tons examined during the same week last year.

Soybean assessments were reported at 2.25 million metric tons, down slightly week-to-week from 2.26 million tons and well below the 2.6 million tons inspected a year earlier.

Wheat inspections last week totaled 245,963 metric tons, down from 390,771 tons the previous week, the USDA said. That’s also less than half the 537,077 tons assessed during the same week in 2020.

Since the start of the marketing year on Sept. 1, the agency has examined 9.38 million metric tons of corn for offshore delivery, though that’s down from 11.2 million tons inspected during the same time frame a year earlier.

Soybean inspections since the beginning of September are now at 23.6 million metric tons, down from 29.9 million tons in the same period last year, the government said.

Wheat assessments since the start of the grain’s marketing year now stand at 11.1 million metric tons, down from 13.5 million tons at this point in 2020, the USDA said in its report.

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3. Dry Weather Forecast For Southern Plains Rest of the Week

Dry weather is expected through the rest of the week in the Southern Plains where hard-red winter wheat is growing, according to the National Weather Service.

Extremely dry weather is expected today and tonight in the southwestern Texas panhandle. The rest of the area likely will see dry conditions heading into the weekend.

“Elevated to low-end critical fire weather conditions are expected Wednesday and Thursday across the western Panhandles and southwestern half of the Panhandles. Widespread critical fire weather conditions are expected across the entire Panhandles on Friday,” the NWS said in a report early this morning.

In Indiana, meanwhile, snow is expected this evening into Wednesday.

Some light snow is possible late with accumulations of about a half-inch, the NWS said. Most of the snow will fall in southern Indiana.

“This could cause some icy spots on roads, but widespread or significant travel impacts are not expected,” the agency said.

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