Soybean Futures Rise in Overnight Trading; Export Sales Down Week Over Week

(Agriculture.com) – BEANS RISE OVERNIGHT ON SOUTH AMERICAN CROP WOES, STRONG DEMAND

Soybeans were higher overnight on signs of production troubles in South America and continued demand for U.S. supplies.

Flooding has been an issue in some parts in Argentina, as abnormally high amounts of rain slows planting progress there, according to forecasters. In Brazil, crop agency Conab said growers in the country would harvest 101.6 million to 103.5 million metric tons of soybeans, down from a prior forecast for 101.9 million to 104 million tons.

Exporters reported sales of 126,000 metric tons of beans to China and 140,000 tons of corn to Saudi Arabia, according to the U.S. Department of Agriculture.

Soybeans for January delivery gained 6¼¢ to $10.04¼ a bushel on the Chicago Board of Trade. Soy meal futures for December delivery added 90¢ to $312.30 a short ton, and soy oil rose 0.30¢ to 35.07¢ a pound.

Corn futures for December delivery lost 2¢ to $3.41½ a bushel in Chicago.

Wheat futures for December delivery were unchanged at $4.04¾ a bushel in Chicago, while Kansas City futures rose ½¢ to $4.09¼ a bushel.

SALES OF SOYBEANS, CORN LOWER WEEK OVER WEEK, STILL FAIRLY STRONG

Sales of U.S. soybeans plunged week over week, and purchases of corn were down, but demand was still relatively strong.

Exporters in the week that ended on November 3 sold a million metric tons of soybeans, 60% less than the prior week and down 49% from the prior four-week average, the USDA said in a report. One large order was canceled, which offset sales in the week.

China, as usual, was the biggest buyer, taking in 1.4 million metric tons, the government said. The Netherlands was a distant second, taking 167,300 tons, Thailand bought 98,100 tons, Mexico took 81,900 tons, and Indonesia purchased 58,800 tons.

Still, unknown buyers canceled an order for 903,800 tons, and Malaysia canceled a 1,500-ton purchase, according to the USDA.

Corn sales totaled a net 1.23 million metric tons last week, the USDA said. That’s down 16% from the prior week, but still up 19% from the four-week average.

Mexico was the big buyer, purchasing 709,300 tons, Japan took 152,200 tons, Taiwan bought 138,000 tons, Colombia purchased 72,200 tons, and South Korea rounded out the buying, taking 55,300 tons. Unknown buyers canceled 52,000 tons, and Costa Rica canceled a shipment of 2,100 tons, the USDA said.

Wheat sales jumped week over week to 769,600 metric tons, as a bevy of buyers snapped up low-cost U.S. supplier, the USDA said. Unknown buyers took 420,200 tons, China bought 60,000 tons, Thailand was in for 55,000 tons, the Philippines bought 38,000 tons, South Korea purchased 35,200 tons, Italy bought 32,500 tons, and Japan was in for 29,100 tons.

FREEZING WEATHER EXPECTED IN PARTS OF MISSOURI AS WINTER CREEPS INTO UPPER MIDWEST

A freeze warning has been issued for northwest Missouri as temperatures are expected to drop.

The National Weather Service issued the warning that starts at midnight tonight and runs through 9 a.m. on Saturday. Temperatures are forecast to fall to 28˚F. to 32˚F. for several hours overnight, putting any plants at risk of freeze damage, according to the NWS.

Temperatures also are expected to be in the 20s in parts of Wisconsin and northern Illinois overnight, the agency said. A widespread freeze is expected in the area.