1. Soybeans and Grains Jump in Overnight Trading Tuesday

Soybeans and grains surged in overnight trading after a government report showed the harvest wasn’t as far along as some expected and on continued demand for U.S. agricultural products.

About 87% of the U.S. soybean crop was harvested as of Sunday, up just four percentage points from the previous week, according to the Department of Agriculture.

Corn producers had about 82% of the crop in the bin at the start of the week, up from 72% seven days earlier, the USDA said in a report.

While the harvests of both crops roll on, the totals were still short of expectations from analysts polled by Reuters.

Prices also were boosted by persistent demand for U.S. supplies.

An unnamed country purchased 204,000 metric tons of corn for delivery in the marketing year that started on Sept. 1, the government said in a report yesterday.

Since the start of the marketing year on Sept. 1, overseas buyers have purchased 30.6 million metric tons of corn from the U.S., up 168% from the same time frame last year. Soybean sales have jumped 145% year-over-year to almost 47 million metric tons, USDA data show.

Wheat sales since the start of the grain’s marketing year on June 1 now stand at 16.3 million metric tons, up 11% from the same period last year, according to the government.

The U.S. election is today, leaving some investors uncertain about who will be president come next January. While challenger and former Vice President Joe Biden is leading in most national polls, the outcome is a toss-up at this point as the push for votes in key battleground states including Florida, North Carolina, and Pennsylvania continues.

Soybean futures for January delivery jumped 12¼¢ to $10.64¼ a bushel overnight on the Chicago Board of Trade. Soymeal rose $2.50 to $377.60 a short ton, and soy oil added 0.56¢ to 33.75¢ a pound.

Corn futures for December delivery gained 3¢ to $4.00½ a bushel.

Wheat futures for December delivery were up 5½¢ at $6.13 a bushel in Chicago while Kansas City futures added 6½¢ to $5.59½ a bushel.

2. Corn Inspections Rise Week-to-Week While Wheat and Bean Assessments Decline

Inspections of corn for overseas delivery last week jumped while wheat and soybean assessments declined, according to the USDA.

Corn inspections in the seven days that ended on Oct. 29 were reported at 721,623 metric tons, the agency said in a report. That’s up from 680,823 tons a week earlier and well above the 283,704 tons examined during the same week in 2019.

Wheat examinations, however, declined week-to-week to 287,059 metric tons from 399,645 tons the previous week. That’s also down from the 293,971 tons assessed at the same point last year, the USDA said.

Soybean inspections also fell, dropping to 2.08 million metric tons from 2.82 million a week earlier, the government said in its report. The total was still well above the 1.48 million tons assessed during the same week last year.

Since the start of the marketing year on Sept. 1, the government has inspected 6.87 million metric tons of U.S. corn for offshore delivery.

That’s well above the 3.76 million tons that had been examined during the same time frame in 2019, USDA data show.

Soybean examinations since the beginning of September now stand at 16.6 million metric tons, up from 9.56 million tons assessed in the same week a year earlier.

Wheat inspections since the start of the grain’s marketing year on June 1 came in at 11.4 million metric tons, up narrowly from the 10.9 million tons inspected during the same week last year, the government said.

• READ MORE: 2020's wrath on farming won't end

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3. Weather Maps Mostly Quiet Though Fire Risks Elevated in Parts of Eastern Oklahoma

Weather maps are relatively quiet this morning as freezing weather that had been hitting the southern Plains and eastern Midwest has moved off to the southeastern U.S., according to the National Weather Service.

“High pressure will dominate weather conditions across most of the U.S. this week,” the NWS said in a report early this morning. “Gusty winds, below-normal temperatures, and some snow showers will continue in the northeast early this week. A new storm system will bring rain and some high mountain snow to the Pacific Northwest. Near- to above-normal temperatures in the West and Central U.S. will spread into the East by midweek.”

In eastern Oklahoma, the possibility of wildfires is elevated amid warm weather, southerly winds, and low humidity, the agency said. The next chance for showers isn’t until next week.

The freezing weather that had camped over the southern Plains is now in Alabama and Georgia, with temperatures in the low- to mid-30s, according to the NWS.