3 Big Things Today, October 24
1. Soybeans, Grains Slightly Lower Overnight as Traders Focus on Yield
Soybeans and corn were lower overnight in quiet trading as investors continue to focus on yield rather than the pace of harvest.
Corn yields in much of Illinois and Iowa have been good so far, according to various news reports, but USDA reports show the pace of the harvest is well behind the average for this time of year.
The soybean harvest is also behind, but not by much. Growers managed to collect 21% of the U.S. crop in the seven days through Sunday, the USDA said in a report.
Several inches of rain were reported in southern Michigan, which likely will continue, and in Iowa and Illinois, the biggest producers of both corn and soybeans, over the weekend.
Soybean futures for November delivery fell 2¢ to $9.78¾ a bushel overnight on the Chicago Board of Trade. Soy meal was unchanged at $315.90 a short ton, and soy oil declined 0.17¢ to 34.46¢ a pound.
Corn futures for December delivery lost a penny to $3.50¼ a bushel overnight.
Wheat for December delivery dropped 1½¢ to $4.35¼ a bushel in Chicago. Kansas City futures declined 1½¢ to $4.32 a bushel.
2. Growers Accelerate Pace of Soybean Harvest, Collect 21% of Crop in One Week
Growers kicked up the pace of the soybean harvest last week while leaving much of their corn in the field.
Some 70% of the U.S. soybean crop was harvested as of Sunday, up from 49% the prior week, according to the USDA. That’s still just slightly behind the prior five-year average of 73% for this time of year.
Growers in Iowa collected almost 30% of their soybeans in just one week, USDA data show. It was slower going in Illinois, but farmers there managed to get another 14% of their crop into the bin.
Nebraska saw one of the biggest weekly gains as producers harvested 34% of their crop after only having gathered 33% since starting collection, according to the government.
The corn harvest was quite a bit slower. Growers as of Sunday were 38% finished with corn collection, up from 28% a week earlier.
In Iowa, 23% of the crop is now in the bin, up from 13% a week ago. In Illinois, 62% has been harvested, up from 47% a week earlier, the department said in its report.
In other news, a government report showed export inspections are well behind year-ago levels for corn and just slightly behind for soybeans.
Export inspections of the grain last week totaled 614,075 metric tons, up from 330,456 a week earlier, according to the USDA. Inspections in the marketing year to date have totaled 4.53 million tons, well behind the prior year’s 8.37 million.
Soybean inspections totaled 2.56 million tons, up from the prior week’s 1.79 million. Since the start of the marketing year on September 1, inspections have totaled 9.81 million tons, behind the year-ago pace of 10.7 million tons, according to the government.
3. Wind Advisories in Effect For North-Central Midwest With Gusts to 50 mph
Wind advisories are in effect for a large chunk of land stretching from eastern Nebraska northeast to the Canadian border and Great Lakes region.
Wind gusts are expected to top 50 mph and be sustained from 25 to 35 mph in the affected area, according to the National Weather Service.
That, along with low humidity is some areas, will lead to extremely dry conditions and increase the risks of wildfires, the NWS said in a report early Tuesday.
In western and southern Michigan, meanwhile, flood warnings are in effect along with strong-wind warnings as 2 to 4 inches of rain have fallen since Sunday.
Another inch of rain is possible in the area today, and low-lying areas will likely experience flooding as streams and creeks overflow their banks, the NWS said.