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3 Big Things Today, October 10

Soybeans Higher Overnight, Wheat Lower; NAFTA Talks Set to Restart Wednesday

1. Soybean Touch Higher on Brazil Concerns, Wheat Bit Lower on Black Sea Rain

Soybeans were slightly higher overnight while wheat was slightly lower, as global concerns dominate headlines.

Soybeans rose amid concerns about the crop in Brazil. The odds of rainfall in most growing areas of Brazil are below normal, according to Commodity Weather Group.

The concern over dry weather worsens in the six- to 10-day forecast as the areas that are pegged to have above-normal precipitation shrink while the areas forecast to have below-normal rainfall grow, CWG maps show.

Wheat, meanwhile, was a touch lower overnight as rainfall in parts of Ukraine and expected moisture in Russia, two of the biggest global producers of the grain, are expected to improve conditions in areas where little or no precipitation had fallen for at least a month, according to French consultancy Agritel.

Soybean futures for November delivery rose 3½¢ to $9.70¼ a bushel overnight on the Chicago Board of Trade. Soy meal added $1.40 to $316.90 a short ton, and soy oil lost 0.18¢ to 33.08¢ a pound.

Wheat for December delivery fell 1½¢ to $4.34½ a bushel in Chicago. Kansas City futures lost 1¼¢ to $4.29½ a bushel.

Corn futures for December delivery fell ¾¢ to $3.48¾ a bushel overnight.


2. NAFTA Negotiations Continue as Fourth Round of Talks Begin Wednesday

Negotiations to hammer out a revised North American Free Trade Agreement (NAFTA) will restart this week as the fourth of seven scheduled rounds of talks begins. 

The talks haven't been going exactly as Agriculture Secretary Sonny Perdue had wanted, but "this is the way these things get going," he said in a speech to the Washington International Trade Association last week. 

Perdue said he expects ag issues to be a topic in the latest round of negotiations that start on Wednesday and sees "real opportunity" for inroads into Canada's supply-management system that limits dairy imports. It also likely will address Canada's management of the poultry market and the U.S. may seek Mexican concessions to limit shipments of agricultural goods that come from Florida.


3. Hard-Freeze Warning In Effect For Western Half of Nebraska, Freeze From Dakotas to Texas

Freezing weather continues in much of the Northern Plains, central and western Nebraska, and parts of Kansas, Colorado, Oklahoma, and Texas.

The worst of the cold is centered around western and central Nebraska where a hard-freeze warning is in effect this morning, according to the National Weather Service.

Temperatures in the state are in the lower to mid 20s in western parts of the state while in the mid to upper 20s in more central counties, the NWS maps show. The warning remains in effect until 10 a.m. CDT.

The hard-freeze warning stretches down into a couple of counties in extreme northwestern Kansas, according to the agency.

A freeze warning is in effect for all of North Dakota, the eastern half of South Dakota, and pretty much all of Minnesota. Temperatures there are in the mid 20s to lower 30s but still will end the growing season for most plants.

Farther east, isolated thunderstorms are possible this morning in parts of Indiana and southern Michigan, according to the NWS.

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