1. Soybean Futures Decline Overnight on Weak Demand
Soybean futures were lower in overnight trading on slack demand for U.S. supplies recently while corn was modestly higher.
Sales of U.S. soybeans to overseas buyers hit a marketing-year low last week while exporters have essentially stopped reporting large purchases by importers.
Exporters haven’t reported a purchase of 100,000 metric tons of soybeans or more to the Department of Agriculture since Nov. 9 when an unnamed country purchased 123,000 tons.
The agency, however, has reported several purchases of corn by offshore buyers, underpinning the price of the grain.
Exporters said they sold 302,160 metric tons of U.S. corn to Mexico for delivery during the 2020-2021 marketing year that started on Sept. 1, the government said on Friday.
Still, export sales and accumulated exports of beans and corn since the beginning of September are still well ahead of where they were at this point last year.
Sales of soybeans since the start of the marketing year now stand at 51.9 million metric tons, up 106% from the same time frame in 2019, the USDA said. Corn sales are up 162% year-over-year at 36.9 million tons.
Wheat sales since the start of the grain’s marketing year on June 1 totaled 18.2 million metric tons, an 11% increase from the same period last year.
Accumulated exports of soybeans since Sept. 1 are now at 24.6 million metric tons, a 70% year-on-year increase, and corn shipments totaled 9.3 million metric tons, a 59% improvement from the same time frame a year earlier.
Also keeping prices from falling too far are continued concerns about dry weather in South America where recent rainfall in parts of Brazil and Argentina were disappointing.
Soybean futures for November delivery fell 6½¢ to $11.85¼ a bushel overnight on the Chicago Board of Trade. Soymeal lost $1.20 to $395.10 a short ton, and soy oil fell 0.57¢ to 37.86¢ a pound.
Corn futures rose 1¢ to $4.34¾ a bushel.
Wheat futures for September delivery dropped 5¢ to $6.01 a bushel, while Kansas City futures lost 8¢ to $5.57¼ a bushel.
** **2. Weekly Export Sales of Beans Decline While Corn and Wheat Improve
Export sales of soybeans in the seven days that ended on Nov. 19 dropped to a marketing-year low while corn and wheat sales surged, according to the USDA.
Soybean sales fell to 768,100 metric tons last week, down 42% week-to-week and the lowest in the 2020-2021 marketing year that started on Sept. 1. The total also was down 47% from the prior four-week average, the agency said.
China was the big buyer at 578,700 metric tons, followed by Egypt at 167,700 tons and Germany at 125,400 tons. Indonesia took 100,800 tons and Thailand purchased 75,500 tons.
The total would’ve been higher but unknown buyers canceled cargoes for 738,900 tons, the USDA said.
Corn sales, meanwhile, surged 53% week-to-week to 1.67 million metric tons last week. That was, however, down 4% from the four-week average.
Mexico bought 555,000 metric tons, an unnamed country took 524,400 tons, Colombia purchased 147,2000 tons, South Korea was in for 132,700 tons, and China bought 75,900 tons, the U.S. government said.
Wheat sales also rose considerably to 795,700 metric tons last week, the highest since the marketing year started on June 1.
China purchased 333,000 metric tons, Japan was in for 109,900 tons, an unknown country bought 89,800 tons, Nigeria was in for 63,000 tons and the Philippines took 62,400 tons, the USDA said in its report.
**
3. Fire Conditions Expected in Kansas, Winter Weather Forecast For Northern Indiana
Near-critical fire conditions are forecast this afternoon in parts of northwestern Kansas and east-central Colorado, according to the National Weather Service.
Relative humidity is expected to be from 12% to 25% today with wind gusts of up to 20 mph, the NWS said in a report early this morning. Winds tomorrow will increase to 30 to 35 mph.
That will create tinderbox-like conditions in the region.
Farther east in parts of southern Michigan, northern Indiana, and much of Ohio, winter storm advisories and warnings are in effect.
“Periodic bands of heavy lake-effect snow expected with total snow accumulations of up to 8 inches within the heaviest bands” in northern Indiana, the NWS said. “Winds gusting as high as 40 mph will cause blowing and drifting snow from this afternoon into Tuesday morning.”
Travel is expected to be “very difficult” as visibility will be reduced, the agency said.
The Link LonkNovember 30, 2020 at 07:06PM
https://ift.tt/2ViGnX4
3 Big Things Today, November 30, 2020 - Successful Farming
https://ift.tt/3gguREe
Corn
No comments:
Post a Comment