3 Big Things Today, October 17, 2024

Soybean, grain futures lower overnight; broiler egg, chick placements improve

1. Soybean, grain futures lower in overnight trading

Soybean and grain futures declined in overnight trading as the U.S. harvest rolls on and amid some positive weather in South America. 

About 67% of U.S. soybeans were harvested as of Sunday, up from 47% a week earlier and the prior five-year average of 51%, the Department of Agriculture said in a report earlier this week. 

Forty-seven percent of the corn crop was in the bin at the start of the week, up from 30% seven days earlier and the normal 39% for this time of year. 

Related: Corn ends the day up 2¢ | Thursday, October 17, 2024

Winter wheat planting also accelerated week to week with 64% of the crop in the ground. That's up from 51% a week earlier but just behind the average of 64%, government data show. 

Favorable weather forecasts for Brazil and Argentina also weighed on prices overnight. 

Rains are expected to reach the driest third of northern Brazil soybean, corn and coffee areas in the short term, Commodity Weather Group said in a note to clients. 

Precipitation next week will boost prospects for soybeans and corn seeding and coffee bloom, the forecaster said. 

In Argentina, rainfall in the next 6 to 10 days is forecast to reach the driest 30% of the corn in southern growing areas, CWG said. 

Soybean futures for November delivery dropped 9½¢ to $9.84½ a bushel overnight on the Chicago Board of Trade. Soymeal fell $1 to $312.70 a short ton, and soy oil was down 0.07¢ to 41.61¢ a pound. 

Corn futures lost 2¼¢ to $4.02½ a bushel. 

Wheat futures for December delivery fell 2¾¢ to $5.82¼ a bushel, and Kansas City futures were down 2¼¢ to $5.86½ a bushel. 

2. Egg, chick placements both increase

Hatchery placements in incubators surged year over year while chicks placed rose narrowly in the seven days that ended on Oct. 12, according to data from the Ag Department. 

About 241 million eggs were put into incubators, a 7% increase from the same week a year earlier, the agency said. Average hatchability for chicks hatched was just under 80%. 

Alabama led the way, setting 35 million broiler-type eggs, followed by Georgia at 34.9 million and North Carolina at 24.4 million, USDA said. 

Chicks placed for meat production totaled 187 million during the week, up 2% from the same week last year. 

Georgia had the most placements at 26.8 million, followed by Alabama at 25 million and North Carolina at 19.5 million, the government said. 

From Jan. 6 through Oct. 12, about 7.76 billion chicks were placed, up about 1% on an annual basis, USDA said in its report. 

3. Fire weather forecast for large chunk of the Midwest

Extremely dry weather is forecast for a large swath of land stretching from Minnesota's border with Canada south into central Kansas, according to National Weather Service maps. 

In northern Iowa and southern Minnesota, winds will be sustained from 20 to 30 mph and gust up to 45 mph, the agency said in a report early this morning. 

Relative humidity will fall as low as 15%. 

In northeastern Kansas, winds will gust from 30 to 40 mph this afternoon and humidity will drop to around 19%, NWS said. 

"A combination of strong winds, low relative humidity and warm temperatures can contribute to extreme fire behavior," the agency said. "All outdoor burning and any activity that could cause a spark should be avoided today."

Read the original article on Successful Farming.