3 Big Things Today, November 14
1. Soybeans, Grains Higher Overnight on Slow Harvest Pace
Soybeans and grains were higher overnight as the U.S. harvest as of Sunday trailed analyst expectations.
Corn was 84% harvested, up from 76% a week ago, according to the USDA, but still behind forecasts for 88%.
Soybeans were 88% collected, up from 83% seven days earlier, the government said in a report. Still, that’s behind the 90% projected by analysts, according to Allendale.
Winter wheat planting was 89% finished as of Sunday, up five percentage points from the week earlier, the USDA said, but trailing expectations for 90%.
Snow and wintry weather in some areas and rain in others kept a lot of farmers out of the fields last week.
Soybeans for January delivery rose 4½¢ to $8.82¾ a bushel overnight on the Chicago Board of Trade. Soy meal futures gained $1.60 to $305.50 a short ton, and soy oil was unchanged at 27.55¢ a pound.
Corn futures for December delivery added 1¼¢ to $3.67¾ a bushel overnight.
Wheat for December gained 2¼¢ to $5.10 a bushel, while Kansas City futures for March delivery rose 3¢ to $5.12½ a bushel.
2. Bean, Wheat Inspections For Export Higher Week to Week, Corn Lower
Export inspections of soybeans and wheat were higher in the week that ended on November 8, while corn assessments were lower, according to the USDA.
Soybean inspections rose to 1.3 million metric tons from 1.24 million a week earlier, the USDA said in a report that was delayed by a day. The weekly total is still down from the 2.19 million inspected during the same week in 2017.
Wheat assessments rose to 342,157 metric tons from 340,564 tons the previous week, but were up from the 308,658 tons inspected a year earlier, government data show.
Corn inspections, meanwhile, fell to 1.14 million metric tons from 1.28 million tons seven days earlier, the USDA said. Still, that’s well above the 406,632 metric tons inspected last year.
Year over year, examinations of corn for overseas delivery have surged amid strong demand for U.S. supplies. Inspections since the start of the marketing year on September 1 are at 11.1 million metric tons, easily topping the 5.96 million tons during the same time frame in 2017.
Soybean assessments, meanwhile, have plunged to 9.91 million metric tons from 17.1 million tons at the same point last year, the USDA said.
The lack of buying from China due to the ongoing trade dispute with the U.S. has severely curbed overall demand for U.S. inventories.
Wheat inspections since the start of the grain’s marketing year on June 1 are at 9.3 million metric tons, down from 11.8 million tons inspected during the same period last year, the USDA said.
3. Winter Storm to Hit Indiana, Missouri; Advisory in Effect From Arkansas to Mid-Atlantic
A winter storm warning is in effect for parts of southern Illinois and several counties in southeastern Missouri, according to the National Weather Service.
Up to 6 inches of snow are expected to fall in the area starting this evening. The warning begins at 6 p.m. and runs for 24 hours, the NWS said in a report early Wednesday morning. Some areas may get even more snow as higher amounts will be localized.
A winter weather advisory is in effect for a large chunk of land stretching from southern Arkansas north into central Illinois, then east to the mid-Atlantic region.
In Indiana, mixed precipitation is expected overnight with total snow accumulations of up to 2 inches and ice accumulations up to a tenth of an inch. Snow is expected across all of central Indiana, the NWS said.