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3 Big Things Today, November 8, 2022

Wheat Futures Lower Overnight; Weekly Export Inspections of Corn Fall

1. Wheat Falls Overnight as Winter Conditions Improve

Wheat futures fell in overnight trading as the condition of the U.S. winter crop improved week-to-week.

Thirty percent of winter wheat was rated good or excellent at the beginning of the week, up from 28% a week earlier, the U.S. Department of Agriculture said in a report yesterday.

That's still well below the 45% that earned top ratings at the same point last year, USDA data shows.

About 73% of the crop had emerged as of Sunday, up from 62% a week earlier and just behind the average of 73% for this time of year. Planting was almost complete with 92% in the ground, up from 87% the previous week and the normal 90%.

The corn harvest was 87% finished, up from 76% a week earlier, the agency said. Around 94% of soybeans were in the bin at the start of the week.

Rainfall last weekend improved winter-wheat growth in parts of the eastern Plains, western Midwest, Delta, and Pacific Northwest, Commodity Weather Group said in a note to clients.

Snow forecast for the northern Plains will come too late to affect the harvest, but will cause stress to livestock as near-blizzard conditions are expected, CWG said.

Investors also may be squaring positions ahead of Wednesday's World Agricultural Supply and Demand Estimates (WASDE) report from USDA. Also due this this week are the crop production and world agricultural production reports from the government.

Wheat futures for December delivery fell 5¼¢ to $8.40 ½ a bushel overnight on the Chicago Board of Trade, while Kansas City futures dropped 1¾¢ to $9.55 ¾ a bushel.

Corn for December delivery was down 1½¢ to $6.74 ¼ a bushel.

Soybean futures for January delivery fell 3¾¢ to $14.46 ½ a bushel. Soymeal rose 60¢ to $419.60 a short ton, while soybean oil lost 0.03¢ to 76.3¢ a pound.

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2. Corn Inspections for Export Decline Week-to-Week

Inspections of corn for overseas delivery dropped week-to-week while soybean assessments were little changed, according to data from USDA.

Corn inspections in the seven days that ended on Nov. 3 fell to 231,458 metric tons from 445,693 tons a week earlier, the agency said in a report.

That's also down from the 659,901 metric tons examined during the same week a year earlier.

Soybean assessments last week totaled 2.591 million metric tons versus 2.586 million tons the previous week, but down from the 2.912 million tons examined at the same point last year, the government said.

Wheat inspections, meanwhile, rose to 180,991 metric tons from 137,082 tons a week earlier, but declined from the 252,040 tons examined during the same week in 2021.

Since the start of the marketing year on Sept. 1, USDA has examined 4.45 million metric tons of corn for offshore delivery, the agency said. That's down from the 6.13 million tons assessed during the same timeframe a year earlier.

Soybean inspections, beginning in early September, now stand at 12.8 million metric tons, down from the 14.2 million tons examined during the same period last year.

Wheat assessments, marketing year starting on June 1, now stand at 9.83 million metric tons, just behind the 9.92 million tons inspected at the same point a year earlier, USDA said in its report.

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3. Winter Weather Headed For Parts of the Northern Plains

Winter storm watches have been issued for parts of the northern Plains as heavy snow is possible, according to the National Weather Service.

Up to 6 inches of snow is forecast for parts of western South Dakota starting tomorrow and running through late Thursday, NWS said in a report early this morning.

Wind gusts could hit 60 mph in the Black Hills.

In central North Dakota, meanwhile, accumulations could reach up to 12 inches with wind gusts hitting 55 mph, the agency said.

"Travel could be very difficult to impossible," NWS said. "Strong winds may cause widespread blowing snow, significantly reducing visibility."

Freezing rain also may be a problem as a tenth of an inch of ice may form, the agency said.

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