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3 Big Things Today, October 21, 2022

Soybeans, Grains Lower Overnight; Weekly Export Sales Mostly HIgher

1. Soybean, Grain Futures Fall in Overnight Trading

Soybean and grain futures dropped in overnight trading on concerns about exports from the U.S.

Water levels along some parts of the Mississippi River fell to record lows earlier this week and are expected to remain low for several days, making grain transport down the waterway difficult.

Extremely dry weather in the area isn't helping the situation.

The river near New Madrid, Missouri, fell earlier this week to record lows and likely will remain near those levels through at least Oct. 25, according to data from the National Weather Service.

While red-flag warnings haven't yet been issued in the area, parts of Illinois will be extremely dry today and tomorrow, worsening the already-low water levels.

The dry weather and low water levels make it difficult for ships hauling grain, fertilizer, and other agricultural products to get to export terminals along the Gulf of Mexico. About 60% of grain exports leave the U.S. via terminals along the Gulf coast.

Rainfall in the next two weeks likely won't be enough to improve flows along the Mississippi River, the Commodity Weather Group said in a report yesterday.

Soybean futures for November delivery dropped 10¢ to $13.90 a bushel. Soymeal fell $2.40 to $410.90 a short ton, while soybean oil lost 0.35¢ to $70.07 a pound.

Corn for December delivery was down 3 ½¢ to $6.80 ½ a bushel.

Wheat futures for December delivery lost 9 ½¢ to $8.39 ¾ a bushel overnight on the Chicago Board of Trade, while Kansas City futures dropped 9 ¼¢ to 9.40 ¼ a bushel.

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2. Corn, Bean Export Sales Jump Week-to-Week

Sales of corn and beans to overseas buyers jumped week-to-week, while wheat sales declined, according to data from USDA.

Corn sales in the seven days that ended on Oct. 13 were reported at 408,300 metric tons, the agency said. That's up from the 200,200 tons sold a week earlier.

Mexico was the big buyer at 183,700 metric tons, Japan bought 77,600 tons, Honduras purchased 47,900 tons, and Panama took 22,700 tons from U.S. supplies.

Soybean sales surged to 2.34 million metric tons last week, up from 724,400 tons a week earlier, USDA said.

China was in for 1.98 million metric tons, the Netherlands took 82,800 tons, Spain bought 58,800 tons, Italy purchased 57,200 tons, and Algeria bought 43,400 tons, the agency said.

The total would've been higher, but the UK canceled sales of 60,000 tons.

Wheat sales, meanwhile, dropped to 163,100 metric tons from 211,800 tons the previous week, the government said.

Mexico bought 93,500 metric tons from U.S. supplies, Nigeria was in for 36,000 tons, Algeria purchased 31,500 tons, Japan took 27,200 tons, and Colombia purchased 18,700 tons.

Italy canceled sales of 60,000 tons, USDA said in its report.


3. Dry Weather Moves Into Much of Illinois, Parts of Indiana

Dry weather has moved into much of Illinois and parts of Indiana, elevating the danger of wildfires, the National Weather Service said in a report early this morning.

Relative humidity will drop as low as 25% and winds will be sustained from 15 to 20 mph this afternoon, NWS said. Wind speeds will increase tomorrow, with gusts of up to 40 mph expected, NWS said.

"While red-flag conditions are not anticipated, outdoor burning is not recommended," the agency said.

Almost the entire state of Oklahoma is under red-flag warnings, as winds will gust up to 35 mph today and relative humidity is as low as 10%. Temperatures will range from about 85 to 90 degrees Fahrenheit, NWS said.

"Elevated and significant fire danger will be possible by midday and continue into the early evening hours," the agency said.

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