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3 Big Things Today, November 29, 2021

Wheat Futures Rise Overnight; Export Sales Rise Across the Board

1. Wheat Futures Rise in Overnight Trading

Wheat futures were higher in overnight trading amid ongoing concerns about world supplies.

Excessive rain in Australia likely will curb the country’s wheat output this year as the harvest is now fully underway.

Australia is expected to produce 31.5 million metric tons of wheat in the 2021-2022 marketing year and export 23.5 million tons, according to data from the U.S. Department of Agriculture.

That would be down from 33 million metric tons and 24.5 million tons a year earlier, respectively.

Exports from Russia, the world’s largest exporter of the grain, were down 18% from the beginning of July through mid-November, according to a government agency.

The country has imposed export taxes on wheat and may add more levies and other shipping restrictions to ensure ample domestic supply.

Soybean futures also were higher in overnight trading, while corn was little changed.

Wheat futures for December delivery rose 7¾¢ to $8.48 a bushel overnight on the Chicago Board of Trade, while Kansas City futures jumped 12¢ to $8.81 a bushel.

Corn futures for December delivery were up ½¢ to $5.92¼ a bushel.

Soybean futures for November delivery gained 8¢ to $12.60¾ a bushel. Soymeal added $3.80 to $353.20 a short ton, while soy oil rose 0.5¢ to 59.38¢ a pound.

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2. Corn Export Sales Surge to Marketing-Year High

Export sales of corn jumped to a marketing-year high last week while soybean and wheat sales also improved, according to the USDA.

Corn sales to overseas buyers in the seven days that ended on Nov. 18 totaled 1.43 million metric tons, up 58% from the previous week and 40% from the prior four-week average, the agency said in a report.

That’s also the highest since the marketing year started on Sept. 1.

Mexico was the big buyer at 629,600 metric tons, followed by Canada at 306,900 tons and Japan at 120,900 tons, the report said. China purchased 77,500 metric tons and Saudi Arabia took 73,400 tons.

Exports for the week were reported at 929,000 metric tons, down 20% from the previous week.

Soybean sales last week totaled 1.56 million metric tons, up 13% week-to-week and 13% from the average, the USDA said.

China bought 882,500 metric tons, Mexico purchased 168,200 tons, Thailand took 148,600 tons, Egypt was in for 117,300 tons, and Indonesia purchased 89,300 tons.

The total would have been higher but an unnamed country canceled cargoes totaling 56,400 tons and the Netherlands nixed shipments of 47,500 tons, the agency said.

Soybean exports for the week came in at 2.25 metric tons, down 4% week-to-week.

Wheat sales for the week rose to 567,500 metric tons, up 42% from the previous week and 70% from the average, the government said.

Japan purchased 154,200 metric tons, Nigeria was in for 102,100 tons, Mexico took 82,000 tons, the Philippines were in for 50,800 tons, and Taiwan bought 48,000 tons.

Exports for the week fell 36% to 199,200 metric tons, the USDA said in its report.

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3. Warmth, Wind Will Create Dry Conditions in Parts of Missouri

Warm, windy weather will lead to dry conditions in parts of southwestern Missouri today and tonight, according to the National Weather Service.

“Warmer temperatures, moderately gusty southwest winds, and lower relative humidity will produce patchy areas of elevated fire danger during the late morning and afternoon hours, primarily across the eastern Missouri Ozarks,” the NWS said in a report early this morning.

Farther north in Wisconsin, meanwhile, light snow is expected that may impact travel, the agency said.

The highest snowfall amounts will be in north-central and northeastern Wisconsin and the lowest will be in central Wisconsin.

In northern Ohio, a clipper system is forecast to move through the area and bring snow. Up to 2 inches is expected in the area tonight into tomorrow, the NWS said.

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