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3 Big Things Today, November 9, 2021

Wheat Futures Higher Overnight; Weekly Export Inspections of Beans Improve.

1. Wheat Futures Higher in Overnight Trading

Wheat futures were modestly higher in overnight trading after a U.S. Department of Agriculture report showed winter-crop conditions didn’t improve as expected and as investors square positions ahead of today’s World Agricultural Supply and Demand Estimates (WASDE) report.

About 45% of U.S. winter wheat was rated good or excellent as of Sunday, the USDA said in a report. That’s unchanged from the previous week.

Analysts polled by Reuters were expecting an improvement to 46%.

Some 91% of the crop was planted at the start of the week, up from 87% last week and on par with the prior five-year average. Analysts were expecting 93% of winter wheat to be sown.

Roughly 74% of the crop had emerged from the ground, up from 67% a week earlier but behind the normal 77%, the government said.

Harvest of the U.S. corn crop was 84% finished this week, up from 74% a week earlier and ahead of the average of 78% for this time of the year, the Ag Department said.

About 87% of soybeans were in the bin as of Sunday, up from 79% last week but just behind the prior average of 88%.

Traders also will be keeping an eye on today’s WASDE report from the USDA.

 Analysts polled by Reuters expect the agency to increase its outlook for soybeans and corn production from month-earlier forecasts. The agency’s forecast for soybean stockpiles likely will rise while corn inventories likely will fall, the survey said.

The government report is due out at noon in Washington.

Wheat futures for December delivery gained 4¾¢ to $7.72¾ a bushel overnight on the Chicago Board of Trade, while Kansas City futures rose 1½¢ to $7.82¼ a bushel.

Corn futures for December delivery were up 1¾¢ at $5.53¼ a bushel.

Soybean futures for November delivery rose ¾¢ to $11.89¼ a bushel. Soymeal added 80¢ to $332.60 a short ton, while soy oil gained 0.17¢ to 58.22¢ a pound.

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2. Weekly Export Inspections of Soybeans, Wheat Rise

Export inspections of soybeans and wheat rose week-to-week while corn assessments declined, according to the USDA.

Soybean examinations for offshore delivery rose to 2.65 million metric tons in the seven days that ended on Nov. 4, the agency said in a report.

That’s up from the 2.61 million metric tons assessed a week earlier but behind the 2.85 million tons examined during the same week last year, the government said.

Wheat inspections last week totaled 231,854 metric tons, up from 130,721 tons the previous week. Still, that’s below the 304,239 metric tons assessed a year earlier.

Corn inspections declined week-to-week, falling to 563,163 metric tons from 671,085 tons a week earlier. The government inspected 692,565 metric tons during the same week in 2020.

Since the start of the marketing year on Sept. 1, the USDA has inspected 6.04 million metric tons of corn for overseas delivery, the report said.

That’s behind the 7.6 million metric tons examined during the same time frame a year earlier.

Soybean assessment since the beginning of September are now at 13.9 million metric tons, down from 20 million tons during the same period last year, the agency said.

Wheat inspections since the start of the grain’s marketing year on Sept. 1 now stand at 9.9 million metric tons, behind the 11.7 million tons examined at this point in 2020, the USDA said in its report.

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3. Storms Likely to Roll Through Southern Plains Wednesday

Weather maps are relatively quiet, at least for another day.

Thunderstorms likely will roll into the Southern Plains tomorrow and last through early Thursday, according to the National Weather Service.

“A few of these storms may become strong to severe with the primary hazards being damaging hail up to the size of quarters and wind gusts up to 60 mph,” the NWS said in a report early this morning.

Parts of Oklahoma also may see temperatures below freezing later in the week, the agency said.

Farther north, a storm system may bring rain and strong winds to parts of southeastern South Dakota and northwestern Iowa tomorrow, the NWS said.

Light snow that will accumulate is also possible Thursday and Friday in the region, the agency said.

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