3 Big Things Today, December 10, 2024

1. Soybean, Grain Futures Mixed in Overnight Trading

Soybean futures were modestly higher overnight while grains fell as investors square positions ahead of what’s expected to be an uneventful supply and demand report from the U.S. Department of Agriculture. 

Only minor changes to USDA’s November projections are expected when the agency releases its monthly World Agricultural Supply and Demand Estimates (WASDE) report, scheduled for noon in Washington. 

Soybean inventories at the end of the 2024/2025 marketing year on Aug. 31 likely will be forecast at 469 million bushels, according to a Reuters poll. 

In November, USDA projected soybean ending stocks at 470 million bushels. 

Corn stockpiles at the end of August will probably be seen by USDA at 1.906 billion bushels, down from the previous outlook for 1.938 billion bushels, the poll said. 

Wheat inventories at the end of the grain’s marketing year on May 31 likely will be pegged at 814 million bushels versus the month earlier projection of 815 million. 

Soybean futures for January delivery gained 2¾¢ to $9.92¾ a bushel overnight on the Chicago Board of Trade. Soymeal added $2.30 to $291.90 a short ton and soybean oil was down 0.69¢ to 42.11¢ a pound. 

Corn futures for March delivery fell ¾¢ to $4.41 a bushel. 

Wheat futures for March delivery lost 3¼¢ to $5.55¼ a bushel, while Kansas City futures were down 3¼¢ to $5.55½ a bushel. 

2. Weekly Corn Inspections for Export Improve

Inspections of corn for overseas delivery increased week to week while soybean and wheat assessments declined, according to data from the Ag Department. 

Corn inspections in the seven days through Dec. 5 rose to 1.05 million metric tons, the agency said.

That’s up from 948,812 tons a week earlier and well above the 725,330 tons assessed during the same week last year. 

Examinations of soybeans for export fell to 1.62 million tons, down from 2.11 million tons the week prior, but still above the 999,790 tons inspected at the same point in 2023, USDA said. 

Wheat inspections were reported at 226,513 tons, the government said. 

That’s down from 298,550 the previous week and 293,756 tons during the same week a year earlier. 

Since the start of the marketing year on Sept. 1, USDA has inspected 12.1 million metric tons of corn for overseas delivery, up from 9.19 million tons during the same timeframe last year. 

Soybean assessments since the beginning of September now stand at 23.4 million tons, up from the 19.8 million tons inspected during the same period a year ago. 

Examinations of wheat since the start of the grain’s marketing year on June 1 are now at 11.2 million tons. That’s up from the 8.63 million tons assessed at this point in 2023, USDA said in its report. 

3. Snow Showers Expected in Parts of Nebraska, Iowa

Scattered snow showers are forecast for parts of eastern Nebraska and western Iowa this afternoon, according to the National Weather Service. 

The snow may last into the overnight hours, the agency said. 

Winds are expected to gust close to 40 mph, and visibility will drop to less than a mile. Accumulations will amount to 1–2 inches. 

“Snow amounts will generally remain under an inch, though could quickly accumulate and make roads slick,” NWS said. “In addition to snow and strong winds, temperatures will quickly fall well below freezing later this evening, potentially resulting in flash freezing of roadways that don’t see snow accumulations initially.”