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3 Big Things Today, November 15, 2022

Wheat Futures Lower Overnight; Weekly Corn Export Inspections Rise

1. Wheat Futures Fall in Overnight Trading

Wheat futures were lower amid improving crop conditions in the U.S. and on reports that Russia will agree to extend an agreement that allows shipments of Ukrainian agricultural products.

Corn and soybeans also declined. 

About 32% of the U.S. winter-wheat crop was in good or excellent condition as of Sunday, up from 30% a week earlier, the Department of Agriculture said in a report.

Still, that's down from the 46% that earned top ratings a year earlier and among the worst ratings for this time of the year in decades.

Improvements were seen in Oklahoma and Texas, where 19% and 18% were in good or excellent condition. Both were at 14% last week, according to USDA.

In Kansas, the biggest producer of wheat in the U.S., ratings fell to 24% from 26% good or excellent, the agency said.

Russia, meanwhile, is expected to approve an extension of a deal allowing shipments of grains and other agricultural products out of Ukraine, Bloomberg News reported, citing four people familiar with the situation.

The so-called Black Sea Grain Initiative was brokered in July by Turkey and the United Nations and is set to expire on Nov. 19. It's yet unclear whether Russia will attempt to add conditions to the deal, the Bloomberg report said.

More than 500 vessels have sailed or are set to sail from Ukrainian ports since implementation of the agreement on Aug. 1, according to data from the UN.

About 10.8 million metric tons of cargo have been shipped since the beginning of August. Corn accounted for 41% of shipments and wheat composed 29%, the United Nations said.

Wheat futures for December delivery dropped 10½¢ to $8.08 a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 5¢ to $9.51 ¼ a bushel.

Corn for December delivery was down 3¼¢ to $6.54 a bushel.

Soybean futures for January delivery fell 6¢ to $14.34 ½ a bushel. Soymeal rose 30¢ to $406.30 a short ton, while soybean oil lost 0.33¢ to 75.95¢ a pound.

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2. Corn Inspections Rise While Beans, Wheat Assessments Fall

Inspections of corn were higher week-to-week while soybean and wheat assessments declined, according to data from USDA.

Corn inspections in the seven days that ended on Nov. 10 rose to 484,001 metric tons from 232,510 tons a week earlier, the agency said in a report.

That's still well below the 866,891 tons assessed during the same week a year earlier.

Examinations of soybeans for offshore delivery dropped to 1.86 million metric tons from 2.61 million tons the previous week, the government said.

The total also was down from the 2.43 million tons inspected in the same week in 2021, USDA said.

Wheat inspections dropped to 76,408 metric tons, down from 181,989 tons the previous week and 400,219 tons during the same week last year, the agency said.

Since the start of the marketing year on Sept. 1, USDA has inspected 4.93 million metric tons of corn for overseas delivery, the government said. That's down from 7 million tons during the same timeframe a year earlier.

Soybean assessments since the beginning of September now stand at 14.7 million metric tons, down from 16.6 million tons during the same period last year.

Wheat inspections, since the start of the grain's marketing year on June 1, are now at 9.91 million metric tons, down from 10.3 million tons at the same point in 2021, USDA said in its report.

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3. Winter-Weather Advisories Issued For Iowa, Missouri, Illinois

Winter-weather advisories have been issued for much of Iowa, northern Missouri and northern Illinois, according to the National Weather Service.

Light snow is expected in the area with accumulations of 1 to 3 inches expected, the agency said.

Roads likely will be slippery in affected areas.

Snow will begin to taper off this morning in central Illinois, giving way to an "unseasonably cold weather pattern that will remain in place through at least next weekend," NWS said.

Temperatures in the single digits are possible later this week into the weekend, the agency said.

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