3 Big Things Today, November 25, 2024

1. Wheat Futures Drop in Overnight Trading

Wheat futures plunged in overnight trading as French farmers are planting at a historically rapid pace.

About 90% of the French wheat crop was planted as of Nov. 18, topping the five-year average of 87%, data from FranceAgriMer show, according to a report from the Agriculture and Horticulture Development Board (AHDB). 

Planting was delayed due to excessive rain in September and early October, but unusually dry weather since has allowed producers to accelerate sowing, AHDB said. 

“The winter wheat planting campaign has now surpassed the five-year average for the first time,” the board said. 

AHDB said in a separate statement last week that UK wheat area will rise 5.4% in 2025. That’ll rise from last year’s crop whose planted area was reduced due to adverse weather. 

In the U.S., meanwhile, 49% of the winter wheat crop was in good or excellent condition as of Nov. 18, according to the Department of Agriculture. That was up from 44% a week earlier. 

USDA is scheduled to release its weekly crop progress report this afternoon. 

Wheat futures for December delivery dropped 8½¢ to $5.56 1/4 a bushel overnight on the Chicago Board of Trade, and Kansas City futures lost 9¢ to $5.56½ a bushel. 

Corn futures for December delivery were down 1¾¢ to $4.33½ a bushel.

Soybean futures for January delivery rose 3¢ to $9.86½ a bushel. Soymeal was up $2.50 to $294 a short ton, and soy oil added 0.28¢ to 42.12¢ a pound. 

2. Cattle on Feed Rise Narrowly Year-Over-Year

The number of cattle and calves on feed at the beginning of the month rose narrowly, according to the Ag Department. 

About 11.986 million head were on feed on Nov. 1, up from 11.956 million on the same date a year earlier, the agency said. 

Roughly 2.286 million cattle were placed on feed in October, up 5% from the same month a year earlier. Fed cattle marketings totaled 1.845 million head, also a 5% increase. 

Other disappearance was unchanged at 55,000 head. 

Texas led the U.S. with 2.88 million cattle and calves on feed at the start of November, down 1% on an annual basis. Nebraska was second with 2.59 million head, up 2% year over year, and Kansas followed with 2.415 million head, down 4%. 

Placements in October were led by Nebraska, with 625,000 placed, a 2% annual increase, followed by Kansas at 485,000 head, which saw a 10% gain, and Texas at 470,000 head, up 7% year over year, USDA said. 

3. Winter Weather to Persist in Northern U.S. 

Winter weather will continue in parts of northern Minnesota, Wisconsin, and the Upper Peninsula of Michigan, according to the National Weather Service.

In northern Minnesota, another 2 inches of snow on top of what’s already fallen is expected, the agency said. 

Accumulations in the area will total about 6 inches, NWS said. 

Temperatures tonight will drop into the single digits this morning and tonight in much of northwestern Iowa, southwestern Minnesota, northeast Nebraska, and central South Dakota, the agency said. 

The wintry weather will last through the Thanksgiving holiday weekend, NWS said.