3 Big Things Today, November 5, 2024

1. Soybeans, Wheat Modestly Higher Overnight

Soybean and wheat futures were modestly higher in overnight trading on demand for U.S. supplies, though trading is quiet ahead of today’s elections.

Corn was little changed. 

Exporters reported sales of 150,000 metric tons of corn to Mexico for delivery in the 2024/2025 marketing year that started on Sept. 1, the U.S. Department of Agriculture said in a report yesterday. 

An unnamed country bought 120,000 tons of corn and a separate unknown destination purchased 132,000 tons of soybeans, USDA said. 

The agency on Friday reported several sales to overseas buyers including 132,000 tons of soybeans to China, 781,322 tons of corn to Mexico, 198,000 tons of soybeans to an unnamed buyer, and 30,000 tons of soybean oil to India. 

Americans will head to the polls today to vote for president, elect members of Congress and the Senate and cast ballots on a variety of issues. 

The outcome for president is too close to call in most polls and will determine trade and agriculture policy for years to come. 

Soybean futures for January delivery rose 2½¢ to $9.99¾ a bushel overnight on the Chicago Board of Trade. Soymeal was up 0.02¢ to 45.58¢ a short ton, and soy oil added 0.01¢ to 45.57¢ a pound. 

Wheat futures for December delivery rose 1½¢ to $5.70¼ a bushel, and Kansas City futures were up 3¢ to $5.74 a bushel. 

Corn futures gained ¼¢ to $4.16¼ a bushel.

2. Grain, Soybean Export Inspections Decline

Grain and bean inspections for overseas delivery were lower week to week, according to data from the Ag Department. 

Corn assessments in the seven days that ended on Oct. 31 totaled 779,078 metric tons, the agency said. 

That’s down from 840,435 tons the previous week but still above the 574,558 tons inspected during the same timeframe a year earlier. 

Examinations of wheat for overseas delivery decreased to 193,523 metric tons, down from 294,657 the week prior but still above the 114,318 that was assessed in the same week last year, USDA said. 

Soybean assessments were reported at 2.16 million metric tons, down from 2.63 million tons the previous week and 2.18 million at the same point in 2023. 

Since the start of the marketing year on Sept. 1, the government has inspected 7.42 million metric tons of corn for export, up from 5.55 million tons during the same timeframe a year earlier, the agency said. 

Soybean inspections since the beginning of September now stand at 12.8 million metric tons, just above the 12.4 million inspected in the same period last year. 

Examinations of wheat for offshore delivery since the start of the grain’s marketing year on June 1 are up to 9.75 million tons versus the 7.24 million tons assessed at this point in 2023, USDA said in its report. 

3. Severe Weather Expected in Parts of Missouri, Arkansas

Severe storms are rolling through parts of Missouri and Arkansas this morning after spinning up tornadoes in Oklahoma yesterday, according to National Weather Service maps. 

In central Missouri, flash flood warnings, flood watches, and wind advisories are in effect as the system rumbles through the area. 

Heavy rainfall has caused flash flooding in several counties in east-central parts of the Show Me State, NWS said. 

“Persistent rainfall, heavy at times, is leading to areas of flooding including in the St Louis metro,” the agency said. “Creeks and streams are running high and low lying areas may become inundated, including some roadways. Use caution this morning and avoid flooded areas.”

In parts of northern Illinois and Indiana, wind advisories are in effect until this afternoon.

Winds will be sustained in the region at 20 to 25 mph with gusts of up to 45 mph possible, NWS said.