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3 Big Things Today, November 7

Grains, Beans Slightly Lower Overnight; Soybean Harvest, Wheat Planting Finish Lines in Sight.

1. Grains, Soybeans Slightly Lower Ahead of This Week’s WASDE Report

Grains and soybeans were slightly lower in overnight trading as futures stayed within a range ahead of Thursday’s World Agricultural Supply and Demand Estimates (WASDE) Report.

Prices declined after a USDA report showed soybean harvest was almost finished and the corn harvest, though well behind the normal pace for this time of year, advanced considerably in the past week.

Technically, speculative investors last week were more bearish corn and less bullish soybeans as yields were steadily strong throughout the harvest, and analysts are forecasting stronger yield and production numbers from the USDA in this week’s report.

Corn futures for December delivery fell a penny to $3.47 a bushel overnight on the Chicago Board of Trade.  

Wheat for December delivery dropped 3¼¢ to $4.27½ a bushel in Chicago. Kansas City futures declined 3¢ to $4.27 a bushel.

Soybean futures for January delivery lost 2¼¢ to $9.91¾ a bushel overnight in Chicago. Soy meal fell $1 to $315.10 a short ton, and soy oil rose 0.04¢ to 34.77¢ a pound.

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2. Growers Take Advantage of Dry Central Midwest Weather to Get Crops Harvested

Growers managed to harvest a lot of corn and soybeans, at least in some central Midwestern states where dry weather favored field work, in the seven days through Sunday.

Corn producers are now 70% finished with the harvest, up from only 54% complete a week earlier but still well behind the prior five-year average of 83% for this time of year, the USDA said in a report.

Analysts said while that still trails the normal pace, at least it’s an indicator that grain collection may be finished by Thanksgiving. Much of eastern Nebraska, all of Iowa, and western Illinois were dry last week, according to the National Weather Service.

The soybean harvest was 90% complete as of Sunday, up from 83% a week earlier and very close to the average of 91%, according to the USDA.

The weather this week is expected to be mostly dry with only the eastern quarter of the U.S. Corn Belt and some small swaths of land forecast to see delays from precipitation. Most of Indiana and Ohio were inundated with rainfall over the weekend.

Six tornadoes were reported in Ohio on Sunday, battering several towns and hammering some rural areas, according to The Weather Channel.  

The winter wheat crop was almost completely planted, as wel, with 91% reportedly in the ground. In Kansas, the biggest grower of winter varieties, 93% was sown, up from 84% a week earlier but behind the average of 97% for this time of year, the government said.

Oklahoma wheat was 90% planted, up from 83% last week and the normal pace of 95%.

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3. Flooding Continues in Indiana After Weekend Rains, Winter Weather in Western Corn Belt

Flooding is expected to continue in low-lying parts of central and southern Indiana today after the weekend rainfall, though it’s not expected to be significant, the National Weather Service said in a morning report.

The heavy rainfall on Sunday is still a problem for growers who own land in low-lying areas as streams top their banks, the NWS said.

The good news for the area is that the weather is expected to be dry and cool for the rest of the work week, though there’s a chance of storms this weekend that may produce rain and light snow.

Farther west, a winter weather advisory has been issued for parts of eastern Colorado, western Kansas, and southwestern Nebraska.

The NWS said freezing drizzle is falling, which will create dangerously slippery conditions. Light snow is falling in parts of the Sandhills with accumulation topping out at 3 inches in isolated areas.

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