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3 Big Things Today, October 16
1. Soybeans, Corn Decline Overnight on Drier Harvest Weather
Soybeans fell from the highest level in eight weeks and corn was lower after a USDA report showed the harvest moved forward slowly last week.
About 38% of the U.S. soybean crop was harvested as of Sunday, up from 32% a week earlier, the USDA said. That’s still well behind the prior five-year average of 53%. Some 39% of the corn crop was in the bin this week, ahead of last week’s 34% and the average of 35% for this time of year, government data show.
As much as six times the normal amount of rain fell in parts of the Midwest and Plains in the two weeks through Friday, according to the National Weather Service.
Drier weather in parts of the Midwest should allow collection of crops to accelerate this week, but cold weather in some areas will slow the drying process, Kyle Tapley, a meteorologist with forecaster Radiant Solutions, said in a report.
Soybeans for November delivery fell 6¼¢ to $8.85¼ a bushel overnight on the Chicago Board of Trade. Soy meal futures declined $2.40 to $324.60 a short ton, and soy oil lost 0.12¢ to 29.64¢ a pound.
Corn for December delivery fell 1¼¢ to $3.77 a bushel overnight.
Wheat for December delivery rose ¼¢ to $5.25¼ a bushel overnight, while Kansas City futures were unchanged at $5.31¾ a bushel.
2. Soybean Inspections Jump Week to Week, Corn Assessments Drop
Soybean demand showed signs of life as inspections of U.S. supplies for export jumped week to week, while corn assessments declined.
USDA officials inspected 1.16 million metric tons of soybeans for delivery to overseas buyers in the seven days that ended on October 11. That’s up from 594,363 tons a week earlier, but behind the year-ago level of 1.79 million tons.
Corn inspections declined to 996,643 metric tons last week, down from 1.38 million seven days earlier but well ahead of the 330,456 tons that were assessed during the same week in 2017, the USDA said in a report.
Wheat inspections were little changed on a weekly basis at 450,980 metric tons vs. 447,561 tons, according to the government. Still, that’s up from 325,676 assessed last year.
Since the marketing year started on September 1, however, corn inspections have been through the roof at 6.84 million metric tons, up from 3.91 million tons during the same period in 2017. Soybean assessments have seen a downturn annually, falling to 4.72 million this year from 7.25 million a year ago, according to the USDA.
Wheat inspections since the grain’s marketing year started on June 1 are now at 7.82 million metric tons, down from 10.7 million tons at this time a year ago.
3. Freezing Weather Continues From Oklahoma Panhandle to Ohio Through at Least This Morning
It's going to be a cool one out there today as cold weather persists and freeze warnings have been issued in a line from the Oklahoma panhandle east into Ohio, according to the National Weather Service.
In southern Kansas, a hard-freeze warning has been issued and is in effect until 9 a.m., the NWS said in a report. Temperatures have been hovering in the 20s all night, which should kill off pretty much anything still trying to grow, the agency said.
In eastern Iowa and western Illinois, temperatures overnight have been sitting in the upper 20s and lower 30s, and a freeze warning is in effect until 9 a.m., the NWS said early this morning. The cold weather will slow drying of crops after weeks of rain saturated the ground.
Flood warnings are still in effect for many rivers and streams in the region.