3 Big Things Today, November 17, 2020

Soybeans Higher in Overnight Trading; Export Inspections of Corn, Wheat Rise

1. Soybean Futures Jump on Record-High NOPA Crush

Soybeans surged in overnight trading after a record-breaking crush report.

The National Oilseed Processors Association (NOPA) said its members crushed a record 185.245 million bushels of beans in October, Reuters reported. That easily topped expectations for 177.123 million bushels of analysts polled by the news organization.

The total was up almost 10% from the previous month and 1% from the same month in 2019. NOPA members account for about 95% of all soybeans processed in the U.S.

Demand for U.S. soybeans, corn and wheat has been robust this year, though signs of large sales to overseas buyers have slowed in recent days.

Importers have committed to purchase 49.9 million metric tons of soybeans since the start of the marketing year on Sept. 1, a 125% increase from the same period a year earlier, according to the U.S. Department of Agriculture.

Corn purchases now stand at 34.2 million metric tons, a 174% year-on-year increase, the USDA said.

Since the start of wheat’s marketing year on June 1, importers have committed to buy 17.2 million metric tons from U.S. supplies, a 13% increase from the same timeframe in 2019.

Still, exporters haven’t reported any sales of 100,000 metric tons or more in the past week, government data show. The lack of sales data may have weighed on wheat prices overnight.

Soybean futures for January delivery surged 11¢ to $11.64 ½ a bushel overnight on the Chicago Board of Trade. Soymeal was up $4.20 to $393.50 a short ton and soy oil was unchanged at 37.43¢ a pound.

Corn futures for December delivery rose 2 1/2¢ to $4.18 ¾ a bushel overnight.  

Wheat futures for December delivery fell 1/2¢ to $5.97 ½ a bushel while Kansas City futures declined 2 1/2¢ to $5.64 ¼ a bushel.

**
                Subscribe: Apple Podcasts | Spotify | Amazon Alexa | Google Assistant | More options

               

**

2. Export Inspections of Corn, Wheat Rise Weekly While Soybeans Decline

Export inspections of corn and wheat rose week-to-week while soybean assessments declined, according to the USDA.

Corn inspections in the seven days that ended on Nov. 12 jumped to 817,476 metric tons, the agency said in a report. That’s up from 690,569 tons assessed a week earlier and the 651,147 tons inspected during the same week in 2019.

Wheat examinations last week were reported at325,948 metric tons, up from 304,239 tons the previous week, but down from the 463,049 tons inspected at the same time last year, government data show.

Soybean assessments, meanwhile, dropped to 2.24 million metric tons last week from 2.85 million tons, the USDA said.

Last week’s total was still up from the 1.54 million tons examined at the same point last year.

Since the start of the marketing year on Sept. 1, the USDA has inspected 8.4 million metric tons of corn, up from the 5 million tons assessed during the same timeframe in 2019, the agency said.

Soybean inspections since the beginning of September now stand at 22.2 million metric tons, a sharp increase from the 12.4 million tons examined during the same period last year.

Wheat inspections since the start of the grain’s marketing year on June 1 are at 12 million metric tons, up slightly from the 11.9 million tons inspected at this point a year earlier, the USDA said in its report.

**

3. Wildfire Risks Elevated in Parts of Southwestern Kansas and Eastern Oklahoma

Wildfire risks are elevated today in southwestern Kansas due to low humidity and strong winds, according to the National Weather Service.

The dry conditions along with winds of 20 to 30 miles an hour will increase the odds of wildfires in the area, the NWS said in a report early this morning.

Elevated fire conditions are expected to last for about the next seven days, the agency said.

The same type of dry weather will persist in much of eastern Oklahoma this week.

“Warm temperatures, along with gusty south winds and a dry airmass in place will result in elevated fire weather concerns across parts of western Oklahoma Wednesday,” the NWS said.

Read more about

Tip of the Day

Leaf blower light attachment for cleaning at night

leaf blower light I attached an LED headband light to the end of my leaf blower last year. The idea came to me during harvest because I needed a way to still... read more

Talk in Marketing

Most Recent Poll

Have you been attending webinars and virtual events to learn from ag product and service providers?