3 Big Things Today, November 1, 2024

1. Soybeans, Grains Higher in Overnight Trading

Soybean and grain futures were higher in overnight trading on signs of strong demand for U.S. agricultural products. 

Exporters sold 150,000 metric tons of soybean meal to an unnamed buyer for delivery in the 2024/2025 marketing year that started on Sept. 1, the U.S. Department of Agriculture said in a report yesterday. 

The agency on Wednesday reported soybean sales of 132,000 tons to China and 132,000 tons to an unknown destination, and sales of 273,048 tons of corn to unnamed countries. 

Overseas buyers have committed to purchase 26.3 million metric tons of soybeans since the start of the marketing year, up 13% from the same timeframe a year earlier, USDA data shows.

Corn sales since the beginning of September are up 41% to 25.8 million metric tons, the government said. 

Wheat sales since the start of the grain’s marketing year on June 1 are now at 13.6 million metric tons, up 19% from the same period last year. 

Weekly soybean sales rose, though corn and wheat sales declined, according to USDA. 

Soybean futures for January delivery rose 7½¢ to $10.02 a bushel overnight on the Chicago Board of Trade. Soymeal was unchanged at $299.50 a short ton, and soy oil added 0.86¢ to 46¢ a pound. 

Corn futures gained 1¼¢ to $4.12 a bushel.

Wheat futures for December delivery rose 3½¢ to $5.74 a bushel, and Kansas City futures were up 2½¢ to $5.71¾ a bushel. 

2. Weekly Corn, Wheat Export Sales Fall

Sales of corn and wheat to overseas buyers declined week to week while soybean assessments rose, according to data from the Ag Department. 

Corn sales for export totaled 2.34 million metric tons in the seven days that ended on Oct. 24, the agency said. That’s down 35% from the previous week but still up 7% from the prior four-week average. 

An unnamed country was the big buyer at 771,300 tons, followed by Mexico at 596,000 tons, and Japan at 541,200 tons. Colombia bought 127,900 tons and Guatemala purchased 107,500 tons. 

Exports for the week fell 21% to 788,000 tons. 

Wheat sales last week plunged 23% to 411,400 tons, which was also down 14% from the average for this time of year, USDA said. 

Mexico was in for 169,900 tons, the Philippines bought 79,500 tons, Indonesia purchased 60,400 tons, Japan took 40,900 tons, and Ecuador was in for 30,000 tons of U.S. wheat. 

The total would’ve been higher but an unnamed country canceled orders for 61,500 tons and Panama nixed shipments of 30,000 tons.

Exports were reported at 244,000 tons, the lowest since the marketing year started on June 1, down 12% week over week. 

Soybean sales, meanwhile, rose 6% to 2.27 million metric tons, USDA said. That’s also up 39% from the average. 

China purchased 715,000 tons, an unknown destination took 446,900 tons, Mexico was in for 299,300 tons, the Netherlands bought 159,100 tons, and Italy purchased 108,000 tons. 

Exports for the week were mostly unchanged at 2.45 million metric tons, USDA said in its report. 

3. Storms Forecast for Parts of Nebraska, Kansas

Non-severe thunderstorms are forecast for parts of central Nebraska and central Kansas late tonight, according to the National Weather Service. 

Storms will return tomorrow through Monday evening, which may produce hail and 60-mph winds, the agency said in a report early this morning. 

In southern Kansas, “numerous” thunderstorms will move through the area later tonight bringing heavy rainfall and lightning, NWS said. 

Severe weather is forecast for parts of the southern Plains as quarter-sized hail is possible along the New Mexico-Texas state line, the agency said. 

Storms tomorrow may turn severe in the region with large hail and damaging wind expected. Heavy rain in the region may result in flooding, NWS said.