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3 Big Things Today, November 2, 2021

Soybeans, Grains Higher Overnight; Export Inspections Down Across the Board.

1. Soybeans, Corn, and Wheat All Rise Overnight

Soybeans and corn were higher in overnight trading as the pace of harvest slowed from the previous week.

Around 79% of the U.S. soybean crop was collected as of Sunday, up from 73% a week earlier, the Department of Agriculture said in a report. That gain was less than the 13% increase seen in the previous week.

Some 74% of U.S. corn was in the bin at the start of the week, up from 66% seven days earlier. Producers harvested 13% of the corn crop a week earlier.

Rain in key areas last week caused growers to decelerate the pace of planting.

Wheat futures were higher in overnight trading after the USDA reduced its ratings on winter varieties that were recently planted.

About 87% of the winter-wheat crop was planted in the U.S. as of Sunday, up from 80% a week earlier and just ahead of the prior five-year average of 86%, the USDA said; 67% of the crop had emerged from the ground.

Some 45% of the crop was in good or excellent condition at the beginning of the week, down from 46% a week earlier. Still, that’s up from the 43% that earned top ratings during the same week last year.

Soybean futures for November delivery rose 5¾¢ to $12.54¼ a bushel overnight on the Chicago Board of Trade. Soymeal added $2.70 to $331.80 a short ton, while soy oil rose 0.04¢ to 62.01¢ a pound.

Corn futures for December delivery were up 2¢ at $5.81 a bushel.

Wheat futures for December delivery rose 6¼¢ to $8.03½ a bushel, while Kansas City futures gained 5¼¢ to $8.11¾ a bushel.

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2. Export Inspections Down Across the Board

Export inspections of grains and beans all declined week-to-week, according to the USDA.

Corn assessments in the seven days that ended on Oct. 28 fell to 619,340 metric tons, down from 634,864 tons a week earlier, the agency said in a report.

That’s also down from the 740,612 metric tons assessed for offshore delivery during the same week a year earlier.

Soybean inspections totaled 2.27 million metric tons, and while still a lofty amount, fell behind the previous week’s 2.57 metric tons, the government said.

At the same point last year, the USDA examined 2.39 million metric tons for overseas delivery. 

Wheat assessments last week totaled 115,341 metric tons, down from 197,479 tons a week earlier and 313,355 tons during the same week in 2020, the agency said.

Since the start of the marketing year on Sept. 1, the government has inspected 5.42 million metric tons of corn for offshore delivery, down from 6.91 million tons during the same time frame a year earlier.

Soybean examinations since the beginning of September are now at 10.9 million metric tons, well behind the 17.2 million tons assessed during the same period last year.

Wheat inspections since the start of the grain’s marketing year on June 1 now stand at 9.65 million metric tons, trailing the 11.4 million tons assessed during the same period in 2020, the USDA said in its report.


3. Cold Weather Moves Into Missouri and Central Illinois

Cold weather continues in parts of the Midwest with freeze warnings and freeze watches issued in parts of Missouri and Indiana this morning, according to the National Weather Service.

Temperatures in northern Missouri fell as low as 28°F. overnight, the NWS said in its report. The warning is in effect until 9 a.m. local time.

In central Illinois, temperatures dropped to 29°F. overnight.

Farther south in southern Missouri and northern Arkansas, where a freeze watch is in effect, temperatures were expected to drop as low as 31°F. overnight, the NWS said.

In the Southern Plains, meanwhile, some light rain or drizzle is in the forecast for this morning.

“Light rain will increase in coverage late this afternoon and continue through the overnight hours,” the agency said. “After midnight the rain may mix with or even change over to light snow before ending early Wednesday morning. Should light snow develop late tonight, any accumulation is expected to be less than .5 inch.”

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