3 Big Things Today, November 18, 2022

1. Grain, Soybean Futures Higher in Overnight Trading

Grains and soybeans have been greater in in a single day buying and selling on dry climate in a lot of the U.S. southern Plains, although costs have been pressured by the extension of the so-called Black Sea Grain Initiative.

Dry climate has prevailed in a lot of the southern Plains the place hard-red winter wheat is rising, and funky climate is sending wheat into dormancy, mentioned Don Keeney, an agricultural meteorologist with Maxar, in a notice to purchasers.

Winterkill is feasible in elements of western Nebraska early this morning as temperatures and wind chills within the panhandle have dropped nicely beneath zero.

Some precipitation is anticipated in southern elements of the area this weekend, which can enhance moisture.

Little or no rain has fallen in a lot of the southern Plains prior to now two weeks, in keeping with information from the National Weather Service’s precipitation web page.

The U.S. Drought Monitor exhibits southwestern Kansas and elements of the Oklahoma and Texas panhandles are affected by excessive drought, the worst-possible score.

Just over 86% of Kansas, the largest wheat producer within the U.S., is seeing drought circumstances, the monitor mentioned. That’s up from 72% three months in the past and 50% at the start of 2022.

Almost 98% of Oklahoma is affected by drought, which is little modified from three months in the past however up from 90% at the start of the calendar yr, the monitor mentioned.

Prices, nonetheless, are being pressured after it was introduced the Black Sea Grain Initiative — the settlement that enables agricultural merchandise to be shipped from Ukrainian ports — was prolonged for one more six months.

The authentic settlement, brokered in July and carried out in August, was set to run out Saturday earlier than the extension.

Wheat futures for December supply rose 5 3/4¢ to $8.30 ¾ a bushel in a single day on the Chicago Board of Trade, whereas Kansas City futures gained 1 1/4¢ to $9.30 ¼ a bushel.

Corn for December supply was up 4 1/2¢ to $6.73 ½ a bushel.

Soybean futures for January supply gained 9¢ to $14.26 a bushel. Soymeal added $2.70b to $405.20 a brief ton, whereas soybean oil rose 0.73¢ to 70.95¢ a pound.

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2. Export Sales of Corn and Beans Surge Week-to-Week

Sales of corn and beans to abroad patrons jumped week-to-week whereas wheat gross sales declined, in keeping with information from the USDA.

Corn export gross sales within the seven days that ended on Nov. 10 improved to 1.17 million metric tons from 265,300 tons every week earlier, the company mentioned in a report.

That’s the best degree since April 7.

Mexico was the large purchaser at 919,800 metric tons, Canada took 91,300 tons, Saudi Arabia took 65,000 tons, Japan was in for 47,200 tons and Panama purchased 26,000 tons. Colombia canceled cargoes of 19,500 tons and Costa Rica nixed shipments of 15,600 tons, the USDA mentioned.

Exporters rose to 564,400 metric tons, up from 259,400 tons every week earlier.

Soybean gross sales surged to 3.03 million metric tons, up from 794,800 tons the earlier week, the company mentioned.

China bought 1.54 million metric tons, Mexico purchased 455,500 tons, an unnamed nation took 397,600 tons, Germany purchased 138,900 tons and South Korea was in for 108,800 tons.

Exports for the week totaled 2.08 million metric tons, which was down from the two.75 million tons shipped within the earlier seven-day interval, the federal government mentioned.

Wheat gross sales, in the meantime, have been reported at 290,300 metric tons, down from 322,500 tons the earlier week.

Mexico bought 68,400 metric tons, Japan was in for 62,600 tons, Chile purchased 60,000 tons, Thailand was in for 51,500 tons and the Philippines took 33,100 tons. Nigeria canceled cargoes of 12,000 tons.

Exports got here in at 118,600 metric tons, down from 151,500 tons every week earlier, the USDA mentioned in its report.

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3. Wind-Chill Advisories in Effect in Nebraska, Winter Storms in Michigan

Wind-chill advisories are in impact for elements of western Nebraska right now as temperatures plunge, in keeping with the National Weather Service.

 Values in a single day have been forecast to fall as little as minus-20 levels Fahrenheit, the NWS mentioned in a report early this morning.

“The cold wind chills could cause frost bite on exposed skin in as little as 30 minutes,” the company mentioned.

Further east, winter-storm warnings stay in impact by tomorrow in elements of Michigan.

Another 6 inches of snow is anticipated by tonight and extra 3 to six inches is forecast for Saturday, the NWS mentioned.

“Travel could be very difficult due to snow and ice-covered roads and visibilities reduced to near-zero at times,” the company mentioned.