Content ID

336297

3 Big Things Today, November 17, 2022

Grains, Beans Lower Overnight; Ethanol Output Falls to Lowest in a Month

1. Grains, Soybeans Lower After Ukraine Deal Extended

Wheat, corn, and soybeans all fell in overnight trading as the agreement allowing shipments of agricultural products from Ukraine was extended.

The Black Sea Grain Initiative, designed to help eliminate hunger globally, was originally brokered by Turkey and the United Nations in late July and implemented at the beginning of August. The agreement was set to expire on Nov. 19, but was extended for another six months.

"I welcome the agreement by all parties to continue the Black Sea Grain Initiative to facilitate the safe navigation of export of grain, foodstuffs and fertilizers from Ukraine, United Nations Secretary General Antonio Guterres said in a statement.

Since the start of the grain deal in early August, almost 11 million metric tons of agricultural products have been shipped from Ukrainian ports.

Oleksandr Kubrakov, the minister of infrastructure for Ukraine, said in a tweet that the government had petitioned to extend the deal for a full year. In a separate tweet he named Guterres, the UN, Turkish President Recep Tayyip Erdogan, and Turkish Defense Minister Hulusi Akar as taking "another important step in the global fight against food crisis."

Ukraine is expected to export 11 million metric tons of wheat this year, along with 15.5 million tons of corn, according to data from the U.S. Department of Agriculture. If realized, that would be down from the 18.8 million tons of wheat and 27 million tons of corn the country was forecast to ship a year earlier, USDA data shows.

Wheat futures for December delivery dropped 17¼ ¢ to $8.20 a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 8¼ ¢ to $9.37 ¾ a bushel.

Corn for December delivery was down 10¢ to $6.57 ½ a bushel.

Soybean futures for January delivery fell 14¼ ¢ to $14.15 a bushel. Soymeal dropped $2.10 to $401.90 a short ton, while soybean oil lost 1.43¢ to 70.67¢ a pound.

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

**

2. Ethanol Production Falls to Lowest Level in a Month

Ethanol output dropped to the lowest level in more than a month and inventories declined week-to-week, according to the Energy Information Administration.

Production of the biofuel fell to an average of 1.011 million barrels a day in the week that ended on Nov. 11, EIA said in a report.

That's down from 1.051 million barrels per day a week earlier and the lowest since the seven days that ended on Oct. 7.

In the Midwest, by far the largest producing region, production was down to an average of 954,000 barrels per day from 992,000 barrels a week earlier, the government said. That's also the lowest in more than a month.

Gulf Coast production declined to an average of 23,000 barrels per day from 24,000 barrels, the lowest in three weeks.

Rocky Mountain output was down to 13,000 barrels per day, EIA said. That's down from 15,000 barrels a day the previous week and the lowest since Sept. 23.

West Coast production, meanwhile, was unchanged for a fourth straight week to 8,000 barrels a day.

The East Coast was the only area where output increased last week, rising to 13,000 barrels per day from 12,000 barrels the previous week, the agency said.

Ethanol inventories in the week through Nov. 11 fell to 21.298 million barrels. That's down from 22.192 million a week earlier and the lowest level in storage since the seven days that ended on Dec. 24, EIA said in its report.

**          

3. Winter Storms Expected in Southern Michigan Through Saturday

Winter-storm warnings are in effect through Saturday morning in southern Michigan as more than a foot of snow is expected in the area, according to the National Weather Service.

Accumulations of up to 14 inches are expected with the heaviest snow forecast for today and Saturday, NWS said in a report early this morning.

"Travel could be very difficult to impossible," the agency said.

Further north along Lake Michigan, snow will taper throughout the morning, though some areas will continue to see snow showers.

Winter weather advisories have been issues for much of North Dakota and parts of northern South Dakota as snow and wind are expected today and tonight, NWS said.

"Snow accumulations will total up to 2 inches in areas of North Dakota while wind gusts will reach as high as 45 mph.

"Widespread blowing snow could significantly reduce visibility," the agency said.

Read more about
Loading...

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
46% (21 votes)
Yes
35% (16 votes)
No, it’s going to be a bin-buster
9% (4 votes)
Maybe, depending on yields
7% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
Total votes: 46
Thank you for voting.