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3 Big Things Today, November 11, 2022

Soybeans, Grains Higher Overnight; Export Sales Lower Across the Board

1. Soybean and Grain Futures Rise in Overnight Trading

Soybeans surged and grains were higher in overnight trading after China eased some covid restrictions and amid ongoing signs of demand for U.S. supplies.

China reportedly lowered the amount of time people who had close contact with those infected with the virus must spend in quarantine, easing its so-called Covid Zero policy.

The country's government also said it would eliminate a program under which airlines are penalized for bringing in covid cases, the government said, according to several news reports.

The move was a boon for all commodities as U.S. and international oil benchmarks were up more than 3% this morning and Asian stock markets surged. U.S. stock futures overnight also were higher.

Prices also are rising on signs of demand for U.S. grains and beans.

Exporters sold 209,931 metric tons of corn to Mexico for delivery in the 2022-2023 marketing year that started on Sept. 1, the U.S. Department of Agriculture said in a report yesterday.

That marks the third straight day the USDA has announced major sales of domestic agricultural products to overseas buyers.

On Wednesday, the agency said exporters sold 264,000 metric tons of soybeans to China and another 198,000 tons to an unnamed country.

Sales reported Tuesday totaled 338,600 metric tons of corn to Mexico, 144,000 tons of soybeans to Mexico, 138,700 tons of soybeans to China and another 132,000 tons of soybeans to an unknown destination, the USDA said.

Freezing weather is expected over the weekend in parts of Oklahoma and North Texas where winter wheat varieties are growing, according to data from the National Weather Service.

Dry weather also will prevail in the southern Plains. Rainfall in southern parts of the Plains will improve moisture "a bit," but dryness will persist in northern and western areas, said Don Keeney, an agricultural meteorologist with Maxar.

Soybean futures for January delivery jumped 22¢ to $14.45 a bushel overnight on the Chicago Board of Trade. Soymeal added $5.10 to $409.20 a short ton, while soybean oil rose 1.03¢ to 77.12¢ a pound.

Corn for December delivery was up 5¢ to $6.58 ¼ a bushel.

Wheat futures for December delivery rose 6 1/2¢ to $8.10 a bushel, while Kansas City futures gained 8 1/2¢ to $9.33 ¾ a bushel.

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2. Weekly Export Sales Down Across The Board

Sales of corn, wheat and beans to overseas buyers all declined in the seven days that ended on Nov. 3, according to data from the USDA.

Corn sales last week were reported at 265,300 metric tons, the agency said. That's down from 372,200 metric tons a week earlier.

Mexico was the big buyer at 157,500 metric tons, followed by Canada at 48,800 tons, Guatemala at 29,500 tons, El Salvador at 18,500 tons and an unnamed country at 11,000 tons.

The total would've been higher but Honduras canceled cargoes of 24,200 tons.

Exports for the week came in at 259,400 tons, down from 450,200 tons a week earlier, the USDA said.

Wheat export sales were down to 322,500 metric tons from 348,100 tons the previous week.

An unnamed country bought 77,500 metric tons from U.S. supplies, South Korea was in for 63,000 tons, Japan took 60,600 tons, Thailand purchased 55,800 tons and Spain bought 20,000 tons, the agency said.

Exports, meanwhile, jumped 28% to 151,500 metric tons.

Soybean sales were reported at 794,800 metric tons, down from 830,200 metric tons a week earlier, the government said.

China bought 927,000 metric tons, Japan took 164,700 tons, Mexico purchased 124,600 tons, the Netherlands was in for 90,400 tons and Turkey bought 80,700 tons.

An unknown country, however, nixed shipments totaling 767,000 metric tons, the agency said.

Exports for the week came in at 2.75 million metric tons, up from 2.65 million tons the previous week, the USDA said in its report.

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3. Freeze Warnings Issued For Central Oklahoma, Northern Texas

Freeze warnings have been issued for parts of central Oklahoma and northern Texas just east of the states' panhandles, according to the National Weather Service.

In central and western counties in Oklahoma, temperatures overnight into Saturday are expected to fall as low as 19 degrees Fahrenheit, the NWS said in a report early this morning.

The freeze warning for the area runs from 8 p.m. this evening to 8 a.m. tomorrow morning.

Further norther in eastern Iowa and northwestern Illinois, some light freezing rain and snow are falling, though the precipitation is expected to end as the morning rolls on, the agency said.

Temperatures are expected to be cool in areas of northern Missouri and eastern Kansas over the weekend.

"Well below-normal temperatures are expected this weekend and into next week and possibly even next weekend," the NWS said.

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