3 Big Things Today, October 30
1. Soybeans, Grains Little Changed as Harvest Accelerates
Soybeans and grains were little changed as investors weigh harvest acceleration against fears that some of the crop was damaged by rains in the first half of October.
Growers took advantage of the dry weather in the seven days through Sunday. The soybean harvest was 72% complete, up from 53% a week earlier, according to the USDA. Corn collection was 63% finished, up from 49%, the government said.
The pace of the corn harvest is now on par with the prior five-year average, while soybean collection is still behind the average pace of 81% complete for this time of year.
Winter wheat is 78% planted, up from 72% a week earlier, but behind the five-year average pace of 85%, the USDA said.
Despite the rapid pace of planting, concerns linger about the quality of the soybean crop. Excessive rainfall in the first half of the month kept farmers from collecting their crops and led to widespread reports of disease and crop loss. How badly yields were affected remains to be seen.
Soybeans for November delivery rose 1¼¢ to $8.53½ a bushel overnight on the Chicago Board of Trade. Soy meal futures added $1.20 to $309.40 a short ton, and soy oil gained 0.02¢ to 27.91¢ a pound.
Corn futures gained ¼¢ to $3.67 a bushel overnight.
Wheat for December delivery fell ¾¢ to $5.06½ in Chicago, while Kansas City futures declined 1¢ to $5.00½ a bushel.
2. Corn Inspections Plunge Week to Week; Soybeans, Wheat Improve
Inspections of corn for overseas delivery plunged week to week, while soybeans and wheat both rose, according to the USDA.
The government inspected 652,995 metric tons of corn in the seven days that ended on October 25, down from 1.02 million tons a week earlier. That’s still higher than the 547,417 tons assessed during the same week in 2017.
Soybean assessments totaled 1.3 million metric tons last week, up from 1.21 million seven days earlier. During the same week last year, however, inspections totaled 2.53 million tons.
Wheat inspections were reported at 393,255 metric tons, up from 386,961 tons seven days earlier and 319,039 tons during the same seven-day period a year ago, the USDA said.
Year-over-year totals were the opposite than the weekly numbers as corn inspections are hot, while soybeans and wheat have been dismal.
The USDA has inspected 8.59 million metric tons of corn since the start of the marketing year on September 1, up from 5.1 million during the same time frame last year, government data show.
Soybean inspections, meanwhile, were reported at 7.32 million metric tons as of last week, down from 12.4 million tons last year.
Wheat assessments since the start of the grain’s marketing year on June 1 were at 8.61 million tons, down from 11.1 million tons during the same period in 2017, the USDA said.
3. Fall Showers in Forecast For Northern U.S. Today, Moving East This Week
Thunderstorms bringing fall showers are expected to develop today in the Upper Midwest to the Central Plains, according to the National Weather Service.
The storm is already dumping rain on parts of Minnesota and extreme northern Wisconsin this morning with some severe weather in the mix, NWS maps show.
“As the front continues advancing eastward the next few days, widespread showers and thunderstorms are likely along the boundary from the Great Lakes and the Ohio Valley southward to the western and central Gulf Coast,” the agency said. “Heavy to excessive rainfall and flash flooding are possible with … a slight risk extending from portions of northeast Texas and the lower Mississippi Valley into portions of the Ohio Valley on Wednesday.”
Some of the thunderstorms will be severe, especially in parts of eastern Texas and the lower Mississippi River Valley, the NWS said, which may hamper outdoor Halloween plans.