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3 Big Things Today, October 5, 2022

Soybeans, Grains Lower Overnight; Ukraine Ag Exports Surge in September

1. Soybean and Grain Futures Fall in Overnight Trading

Soybean and grain futures were lower in overnight trading amid favorable weather in the U.S. for harvesting and winter planting.

It'll be mostly dry in much of the U.S. Midwest today, giving farmers a chance to catch up on crop collection in areas where they've been behind for most of the season.

About 22% of soybeans were in the bin at the start of the week, up from 8% seven days earlier, but still behind the prior five-year average of 25%, the U.S. Department of Agriculture said in a report.

Some 81% was dropping leaves versus 63% at the same point last year, and ahead of the average of 79%.

Twenty percent of corn was in the bin as of Sunday, up from 12% a week earlier but behind the normal 22% for this time of year, the USDA said. Around 75% of the crop was mature, up from 58% week-to-week and on par with where it was at the same time last year.

Winter-wheat planting continues with 40% in the ground at the start of the week, up from 31% seven days earlier but still behind the average of 44%, the agency said.

Some rain is expected in parts of Nebraska and South Dakota today, but otherwise most areas will stay dry, according to the National Weather Service.

Soybean futures for November delivery fell 10 ¾¢ to $13.72 ¾ a bushel overnight on the Chicago Board of Trade. Soymeal dropped $1.10 to $400.40 a short ton, while soybean oil lost 0.56¢ to $64.46 a pound.

Corn futures for December delivery were down 3 ¾¢ to $6.79 ¼ a bushel.

Wheat futures for December delivery dropped 6 ¾¢ to $8.96 ¼ a bushel, while Kansas City futures declined 5 ½¢ to $9.83 ¼ a bushel.

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2. Ukraine Agricultural Exports Jump in September, Ministry Says

Exports of agricultural products continue to flow from Ukraine as more than 6.9 million metric tons were shipped from the war-torn country in September, according to the Ministry of Infrastructure.

About 3.8 million metric tons were shipped from ports in Odesa, 1.24 million tons were sent from Danube ports, 1.18 million tons went by rail, and 640,000 tons were shipped by road, the ministry said.

Agricultural exports in September rose by 41% month-over-month, and shipments accounted for 71% of all exports from the country.

An agreement brokered by Turkey and the United Nations in late August allows grain exports in a bid to curb world hunger. Shipments under the program jumped to 3.8 million metric tons in September from 1.7 million a month earlier.

The products were carried on 176 ships that left ports last month, up from only 65 in August, the Ukrainian government said.

Separately, winter-wheat planting in Russia has accelerated, though growers in the country have sown only 9.4 million hectares with winter grains overall versus 10.7 million hectares at the same point last year, said SovEcon, a consultancy focused on the Black Sea region.

Extremely dry weather followed by heavy rains in some areas delayed winter-wheat seeding, but more favorable conditions in recent days has improve the outlook, SovEcon said.


3. Freeze Expected in Parts of North Dakota, Iowa, Minnesota Into the Weekend

Freezing weather is expected in parts of North Dakota late tonight into tomorrow morning, according to the National Weather Service.

"Widespread freezing temperatures are possible late tonight, especially in the north," the NWS said in a report early this morning. "Widespread freezing temperatures are possible Thursday morning, especially in the north. A widespread hard freeze is expected Friday morning."

In much of Iowa, southwestern Minnesota, northeastern Nebraska ,and southeastern South Dakota, temperatures are expected to drop to 25 to 35 degrees Fahrenheit Friday morning and again Saturday, the agency said.

That may result in the first widespread freeze of the season in the area.

In the southern Plains where winter-wheat planting is underway, thunderstorms may roll in across the western Texas and Oklahoma panhandles, the NWS said. The weather is expected to remain below "severe" levels.

The storms will continue Thursday through Friday night and refire on Sunday into Monday in the panhandles, the agency said. 

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Will you have enough on-farm storage for harvest?

I just want to see the responses
45% (25 votes)
38% (21 votes)
No, it’s going to be a bin-buster
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Maybe, depending on yields
5% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
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