Thursday, March 28, 2024

3 Big Things Today, November 21, 2022

1. Grain, Soybean Futures Decline in Overnight Trading

Grain and soybean futures plunged in in a single day buying and selling as extra ships go away Ukraine.

More than a dozen ships hauling agricultural merchandise left ports in Ukraine Saturday via Mondayv below the so-called Black Sea Grain Initiative, the settlement that permits vessels hauling much-needed grain and different ag objects out of Ukraine, in keeping with knowledge from the United Nations.

Ships hauling every little thing from sunflower meal to wheat to corn sailed previously three days, the UN stated in its report.

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Some of the corn crop in Ukraine might stay in fields over the winter amid gas shortages that may maintain harvesting gear out of fields, Reuters reported, citing analyst APK-Inform.

Ukraine is forecast by the U.S. Department of Agriculture to export 15.5 million metric tons of corn and 11 million metric tons of wheat within the 2022-2023 advertising and marketing yr.

If realized, that will be up from the 27 million metric tons of corn and 18.8 million tons of wheat it shipped a yr earlier.

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Some rain has fallen in elements of the southern Plains. Precipitation was seen in elements of maximum southwestern Kansas and the Oklahoma panhandles previously week, and in southern Oklahoma, in keeping with knowledge from the National Weather Service’s precipitation web page.

Still, it has been extraordinarily dry in a lot of the U.S. southern Plains with little to no rain falling in a lot of the area previously two weeks, the NWS maps present.

Wheat futures for December supply dropped 10¢ to $8.12 a bushel in a single day on the Chicago Board of Trade, whereas Kansas City futures misplaced 4 3/4¢ to $9.19 a bushel.

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Corn for December supply was down 3 3/4¢ to $6.66 ¼ a bushel.

Soybean futures for January supply fell 5¢ to $14.23 a bushel. Soymeal declined $1.50 to $404.60 a brief ton, whereas soybean oil misplaced 0.08¢ to 70.53¢ a pound.

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2. Investors Curb Net-Long Positions in Corn, Beans

Money managers reduce their net-long positions, or bets on larger costs, in corn and soybean futures within the seven days that ended on Nov. 15, in keeping with knowledge from the Commodity Futures Trading Commission.

Investors held 165,847 corn-futures contracts, down from 221,808 contracts every week earlier, the CFTC stated in its report.

That’s the smallest such place since Aug. 16.

Speculators had been net-long by 95,579 futures contracts in soybeans, down from 105,372 contracts seven days earlier and the bottom since Oct. 25, the company stated.

In wheat, hedge funds and different giant companies held a net-21,038 hard-red winter futures contracts final week, down from 24,204 contracts every week earlier. That’s the smallest bullish place since Sept. 20.

Investors additionally had been extra bearish on soft-red winter wheat, elevating their net-short positions, or bets on decrease costs, to 47,622 contracts final week.

That’s up from 43,527 contracts a yr earlier and the most important bearish place since May 2019, authorities knowledge present.

The weekly Commitment of Traders report from the Commodity Futures Trading Commission exhibits dealer positions in futures markets.

The report gives positions held by industrial merchants, or these utilizing futures to hedge their bodily property; noncommercial merchants, or cash managers (additionally known as giant speculators); and nonreportables, or small speculators.

A net-long place signifies extra merchants are betting on larger costs, whereas a net-short place means extra are betting futures will decline.

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3. Dry Conditions Expected in Parts of Western Nebraska

Dry climate will result in elevated fireplace circumstances in elements of the Nebraska panhandle at present as maps are comparatively quiet to start out Thanksgiving week, in keeping with the National Weather Service.

Humidity ranges are extraordinarily low in western Nebraska, the NWS stated in a report early this morning.

The dry circumstances will proceed for a number of days with low humidity forecast to achieve crucial ranges Tuesday and Wednesday, the company stated.

Further south, a freezing fog advisory has been issued till 10 a.m.  for elements of jap New Mexico and West Texas.

“Freezing fog may lead to slick conditions over bridges and culverts,” the NWS stated. “A thin coating of ice may form on walkways and other elevated surfaces.”



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