3 Big Things Today, October 22, 2024

1. Grains, Soybeans Mixed in Overnight Trading

Grain and soybean futures were mixed overnight as investors weigh harvest progress against signs of demand for U.S. supplies. 

About 65% of U.S. corn was harvested as of Sunday, up from 47% a week earlier and well ahead of the prior five-year average of 52%, the Department of Agriculture said in a report. 

Eighty-one percent of the soybean crop was in the bin at the start of the week, up from 67% the previous week and the average of 67% for this time of year, the agency said. 

Winter wheat planting is also progressing with 73% in the ground, up from 64% seven days earlier, but behind the average of 76%, USDA said. 

Underpinning prices, however, is optimism about recent sales of U.S. agricultural products. 

Mexico purchased 169,926 metric tons of corn for delivery in the 2024/2025 marketing year that started on Sept. 1, the government said yesterday. 

Exporters also reported corn sales of 130,000 tons to South Korea and 198,192 tons to an unnamed country, USDA said. 

Sales of soybeans were also reported. 

An unknown destination bought 116,000 tons of soybeans, the agency said. Another unnamed importer purchased 264,000 tons from U.S. supplies. 

Corn futures rose 1¢ to $4.10½ a bushel overnight on the Chicago Board of Trade. 

Wheat futures for December delivery fell 2¢ to $5.70 a bushel, and Kansas City futures were down 1¾¢ to $5.80½ a bushel. 

Soybean futures for January delivery rose 1¢ to $9.90¾ a bushel. Soymeal lost $1.80 to $316.50 a short ton, and soy oil was up 0.76¢ to 43.15¢ a pound. 

2. Weekly Corn, Soybean Inspections Jump

Inspections of corn and beans jumped week to week while wheat assessments declined, according to an Ag Department report. 

Corn inspections rose to 999,811 metric tons in the seven days that ended on Oct. 17, the agency said. That’s up from 506,616 tons the previous week and 472,413 tons during the same week a year earlier.

Examinations of soybeans for overseas delivery jumped to 2.43 million metric tons from 1.91 million tons the previous week. 

Still, the total was lower than the 2.63 million tons inspected during the same week last year, the government said. 

Wheat inspections fell to 268,375 tons from 380,134 tons the week prior but was still higher than the 169,480 tons assessed at the same point in 2023. 

Since the start of the marketing year on Sept. 1, USDA has inspected 5.79 million metric tons of corn for offshore delivery, up from 4.44 million during the same timeframe a year earlier. 

Soybean inspections since Sept. 1 are now at 7.9 million metric tons, down from the 8.13 million tons examined during the same period last year, the agency said. 

Wheat inspections since the start of the grain’s marketing year on June 1 now stand at 9.26 million metric tons, up from 6.92 million at the same point in 2023, USDA said in its report. 

3. Dry Weather Expected in Parts of Central Illinois

Dry weather is forecast for today in parts of central Illinois, according to the National Weather Service. 

Breezy conditions, low humidity and dry fields will create tinderbox-like conditions in the region, the agency said. 

The dry conditions will continue through tomorrow afternoon, “especially during harvest activities,” NWS said. 

Windy weather in northern Indiana and southern Michigan also will create potential fire weather. 

“Warm breeze and very dry conditions this afternoon and early this evening will lead to some elevated fire risk over the entire area,” NWS said.