3 Big Things Today, November 27, 2024

1. Soybeans, corn higher in overnight trading

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

Exporters sold 454,090 metric tons of corn to Mexico, part for delivery in the 2024-2025 marketing year that started on Sept. 1 and some for delivery the following year, the U.S. Department of Agriculture said in a report yesterday.

That follows sales last week of 198,000 tons of soybeans to an unnamed buyer, a separate sale of 198,000 tons to China, 135,000 tons of the oilseeds to an unknown destination and 133,000 tons of soymeal to the Philippines. 

U.S. exporters have shipped 17.4 million metric tons of soybeans and 9.33 million tons of corn to overseas buyers since the start of the marketing year on Sept. 1. That’s up 12% and 31% from the same period a year earlier, respectively, USDA data show. 

Importers have agreed to purchase 31.6 million metric tons of soybeans in the current marketing year, up 9% from the same timeframe last year, and 31.4 million tons of corn, a 39% year over year increase. 

Soybean futures for January delivery rose 5 3/4¢ to $9.89 1/4 a bushel overnight on the Chicago Board of Trade. Soymeal was up 20¢ to $291.60 and soy oil fell 0.19¢ to 42.45¢ a pound. 

Corn futures for December delivery were up 1¢ to $4.29 a bushel.

Wheat futures for December delivery fell 5 1/4¢ to $5.52 3/4 a bushel, and Kansas City futures lost 3 3/4¢ to $5.55 a bushel. 

2. China soybean, corn seed output expected to fall

Soybean seed production in China is expected to fall in the 2024-2025 marketing year while corn seed output will be mixed, the Ag Department said in an attaché report from its Beijing office. 

Production of soybean seeds is forecast at 1.12 million metric tons, down 3% year over year amid smaller planted area, data from China’s Ministry of Agriculture and Rural Affairs show. 

Soybean seed planted area dropped 5% to 406,000 hectares (1 million acres), though yield increased 2%, the USDA report said. 

Commercial soybean seed demand is expected to fall 5% in China to about 580,000 metric tons, though high-protein varieties are popular, the agency said. 

Corn seed production is forecast at 1.7 million metric tons, USDA said. 

That’s down 2% from the previous year but 26% higher than the prior five-year average. Planted area fell 7% to 285,000 hectares in 2024-2025, though that’s down from a 10-year high in the previous growing season. 

Average corn seed yield is seen at a five-year high amid favorable weather, the agency said in its report. 

3. Rain and snow expected in Kansas, Illinois

Light rain and snow flurries are expected in parts of central Kansas this afternoon, according to the National Weather Service.

Negligible impact to travel is expected ahead of Thanksgiving. 

Some light snow is expected on Saturday in eastern Kansas, NWS said. 

In central Illinois, meanwhile, a mix of rain and snow is forecast for the region starting today and lasting into the night. Little snow accumulation is expected, though some areas in east-central Illinois may see up to an inch on the ground, the agency said. 

Temperatures in the area will drop on Thanksgiving Day and last through early next week. Single-digit temperatures are forecast starting Friday and lasting through the weekend.