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3 Big Things Today, November 4, 2022

Soybeans, Grains Rise Overnight; Corn Sales Surge Week-to-Week

1. Soybean, Grain Futures Higher in Overnight Trading

Soybeans were higher in overnight trading on concerns about South American weather, while wheat and corn rebounded from losses earlier in the week.

The weather outlook in parts of Brazil, the world's biggest exporter of soybeans, and Argentina is mixed.

About 10% of Brazil's soybeans and first-crop corn are at risk due to lack of moisture in the next two weeks, mostly in far southern Brazil, Commodity Weather Group said in a note to clients.

Drought stress will rebuild in eastern Argentina in the next 10 days, the forecaster said.

Still, rain in the center-west and center-south regions of Brazil is expected to recharge soil moisture after some short-term dryness, CWG said in its report.

Rains are forecast in northern and western Argentina likely will boost crop conditions.

Wheat and corn futures were higher in overnight trading, rebounding from losses this week after Russia said it would resume participation in the Black Sea Grain Initiative and allow ships to continue sailing from Ukrainian ports.

Russia last weekend said it was exiting the agreement but reversed course midweek after talks with Turkish President Recep Tayyip Erdogan and officials from the United Nations. Resumption of the deal caused prices to plunge.

Still, the agreement, which was brokered in late July and began at the beginning of August, is scheduled to end on Nov. 19. It's unclear whether the deal will be extended, though officials from several countries and agencies have said they would like it to continue as it helps curb global hunger.

Russian President Vladimir Putin has said that Moscow "reserves the right" to leave the deal at any time.

Around 9.52 million metric tons of grain and other ag products were shipped from Ukrainian ports from Aug. 1 through Oct. 30, according to data from the United Nations.

Soybean futures for January delivery rose 15½¢ to $14.52 ½ a bushel overnight on the Chicago Board of Trade. Soymeal added $5.40 to $419.70 a short ton, while soybean oil gained 1.03¢ to 76.32¢ a pound.

Wheat futures for December delivery were up 11½¢ to $8.52 a bushel, while Kansas City futures gained 15¢ to $9.56 ¼ a bushel.

Corn for December delivery rose 5½¢ to $6.84 ¾ a bushel.

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2. Weekly Corn Sales to Overseas Buyers Jump, USDA Says

Export sales of corn rose week-to-week while wheat and bean sales both declined, according to data from USDA.

Corn sales in the week that ended on Oct. 27 increased to 327,200 metric tons, the agency said. That's up from the 264,000 tons sold a week earlier.

Mexico was the big buyer at 193,000 metric tons, Japan took 132,100 tons, an unnamed country bought 69,600 tons, Canada was in for 23,100 tons, and Costa Rica bought 9,900 tons, the government said. The total would've been higher but China canceled orders for 65,900 metric tons.

Exports for the week were reported at 450,200 metric tons, down from 619,000 tons a week earlier.

Wheat sales, meanwhile, dropped to 348,100 metric tons from 533,200 tons the previous week, USDA said.

South Korea purchased 82,100 metric tons from U.S. supplies, Indonesia bought 63,000 tons, Mexico was in for 60,800 tons, Taiwan took 40,200 tons, and Japan bought 26,500 tons.

Exports totaled 118,100 metric tons, down from 136,800 tons a week earlier, the government said.

Soybean sales last week totaled 830,200 metric tons, well below the 1.03 million metric tons during the previous week, the agency said.

China bought 745,000 metric tons, the Netherlands was in for 151,000 tons, Germany purchased 82,800 tons, and Japan bought 51,700 tons. An unnamed country nixed cargoes of 525,100 metric tons and Bangladesh canceled shipments of 55,000 tons, the government said.

Exports for the week came in at 2.65 million metric tons, just below the 2.75 million tons shipped a week earlier, USDA said in its report.

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3. Wind Advisories Issued From Wisconsin to Arkansas, East Into Ohio

Wind advisories have been issued for a wide stretch of land from central Wisconsin south into Arkansas and east into Ohio, according to National Weather Service maps.

In central Illinois, winds overnight and Saturday will be sustained from 20 to 30 mph with gusts up to 55 miles an hour, NWS said in a report early this morning.

Winds in central Indiana and northwestern Ohio also are forecast to range from 20 to 30 mph, though gusts will top out at about 50 mph, the agency said.

In the southern Plains, scattered storms are expected to taper off this morning, giving way to light snow tomorrow afternoon and evening.

"Small accumulations are expected, mainly on elevated or grassy surfaces," NWS said. "The primary travel hazard will be reduced visibility within the heavier snow bands. Most roadways will remain wet."

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