3 Big Things Today, December 20, 2024

1. Soybean, Grain Futures Higher Overnight

Soybean and grain futures were higher in overnight trading on continued optimism about demand for U.S. products. 

Exporters reported sales of 277,200 metric tons of soybeans to an unnamed country with 152,200 tons set for delivery in the 2024/2025 marketing year that started on Sept. 1 and the rest for delivery next year, the U.S. Department of Agriculture said. 

That follows sales of 135,000 tons of corn and 120,000 tons of soybean meal to Colombia, all for delivery in the current marketing year, announced Wednesday. 

On Tuesday, USDA said exporters sold 170,400 tons of corn to Mexico, 187,000 tons of soybeans to Spain and 132,000 tons of soybeans to an unknown destination. 

Soybean sales to overseas buyers in the week through Dec. 12 totaled 1.42 million metric tons, the government reported. That’s up 21% from the previous week, but down 74% from the prior four-week average. 

Corn sales were reported at 1.17 million tons, up 24% week to week but down 10% from the average. 

Wheat sales jumped 58% to 457,900 tons, which was also up 16% from the average for this time of year, USDA said. 

Soybean futures for March delivery rose 6¢ to $9.72½ a bushel overnight on the Chicago Board of Trade. Soymeal added $4.80 to $295.80 a short ton and soybean oil was down 0.2¢ to 40.2¢ a pound. 

Corn futures for March delivery gained 3¢ to $4.43¾ a bushel. 

Wheat futures for March delivery rose 1¢ to $5.34 a bushel, while Kansas City futures added 2½¢ to $5.45¾ a bushel. 

2. Red Meat Output Down 3% in November

Red meat production in the U.S. fell year over year as cattle and hog slaughter both declined, according to a report from the Ag Department.

Commercial meat output totaled 4.56 billion pounds in November, down 3% from the same month a year earlier, the agency said. 

Beef production dropped 3% on an annual basis to 2.22 billion pounds. Cattle slaughter fell 6% to 2.57 million head last month, USDA said. 

Average weight was up 38 pounds to 1,425 pounds. 

Pork output was reported at 2.33 billion pounds in November, down 2% year over year, the government said. Hot slaughter came in at 10.8 million head, down 2% from the same month in 2023. 

Average live hog weight was unchanged at 289 pounds. 

In the first 11 months of the year, however, red meat production rose to 50.4 billion pounds, up 1% from the same timeframe last year, the agency said. 

Veal output plunged 28% to 3.1 million pounds as calf slaughter dropped 36% from November of last year.

Lamb and mutton production was down 7% annually to 10.4 million pounds. Sheep slaughter fell 9% to 173,600 head, USDA said in its report. 

3. Snowfall Expected to Continue in Michigan, Indiana

Winter weather advisories have been issued for much of Michigan as winter weather rolls through the northern U.S. 

Two to 4 inches of snow are expected as another 2 inches falls throughout the morning, the National Weather Service said in a report early this morning. 

Roads will be covered in ice or snow and may make driving difficult, the agency said. 

Snow also is expected in much of central and north central Indiana. As much as 2 inches are forecast for the area, creating slick and hazardous road conditions. 

In central Illinois, an inch of snow is possible along with winds gusting from 25 to 35 mph, NWS said.