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3 Big Things Today, November 23, 2021

Soybean Futures Lower Overnight; Export Inspections Down Across the Board.

1. Soybean Futures Decline in Overnight Trading

Soybean futures were lower in overnight trading as the U.S. harvest nears the finish line.

About 95% of soybeans were harvested as of Sunday, up from 92% a week earlier but just behind the prior five-year average of 96%, according to the U.S. Department of Agriculture.

Soybean production in the U.S. in the 2021-2022 marketing year is pegged at 4.43 billion bushels on yield of 51.2 bushels an acre, the government said in a report earlier this month.

That’s up from the 4.22 billion bushels expected in the previous marketing year, on yield of 51 bushels an acre.

Corn also was 95% collected at the start of the week, up from 91% the previous week and ahead of the 92% average, the USDA said in a report yesterday.

Corn output is seen at 15.1 billion bushels on yield of 177 bushels an acre. That’s up from 14.1 billion bushels and yield of 171.4 bushels an acre a year earlier, the agency said.

Winter-wheat planting was 96% finished as of Sunday, and about 86% of the crop had emerged, up from 94% and 81%, respectively, a week earlier.

The U.S. winter-wheat crop was 44% good or excellent, down 2 percentage points from the previous week, the USDA said. That’s underpinning wheat prices today.

At this point last year, 43% of the crop earned top ratings, the USDA said.

Soybean futures for November delivery fell 6¢ to $12.68¼ a bushel overnight on the Chicago Board of Trade. Soymeal lost $1.70 to $362 a short ton, while soy oil declined 0.63¢ to 58.72¢ a pound.

Corn futures for December delivery were down 2¼¢ to $5.82 a bushel.

Wheat futures for December delivery rose ¼¢ to $8.57¾ a bushel, while Kansas City futures gained 3¾¢ to $8.70¼ a bushel.

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2. Weekly Grain and Bean Export Inspections Decline

Inspections of grains and beans for overseas delivery all fell in the seven days that ended on Nov. 18, according to the USDA.

Export inspections of corn dropped to 681,490 metric tons last week, the agency said in a report.

That’s down from 866,891 metric tons a week earlier and 833,297 tons the same week last year.

Soybean assessments dropped to 1.68 million metric tons from 2.36 million tons the previous week and were below the 2.29 million tons examined at this time last year, the government said.

Wheat inspections last week totaled only 177,799 metric tons vs. 390,708 tons a week earlier and the 363,648 tons assessed during the same week in 2020.

Since the start of the marketing year on Sept. 1, the USDA has examined 7.61 million metric tons of corn for overseas delivery, down from 9.3 million tons during the same time frame last year.

Soybean assessments since the beginning of September are now at 18.2 million metric tons, well behind the 24.8 million tons inspected during the same period a year earlier.

Wheat inspections since the start of the grain’s marketing year on June 1 now stand at 10.5 million metric tons.

That’s down from the 12.4 million metric tons examined during the same period last year, the USDA said in its report.

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3. Dry Weather Leads to Red-Flag Warnings in Southern Plains

Red-flag warnings have been issued for parts of the Oklahoma and Texas panhandles amid strong winds and low humidity, according to the National Weather Service.

The warnings will be in effect from noon to 6 p.m.

Winds in the region will be sustained from 20 to 30 mph with gusts of up to 45 mph, the NWS said in a report early this morning.

Relative humidity is forecast as low as 6%.

“A combination of strong winds, low relative humidity, and warm temperatures will create favorable weather for rapid fire growth and spread,” the NWS said. “Avoid activities that promote open flames and sparks.”

Dry weather in western Nebraska also has led to red-flag warnings as winds will gust up to 30 mph, the agency said. Relative humidity is forecast from 8% to 13%.

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