3 Big Things Today, November 18, 2024 [Video]

Soybean futures were lower in overnight trading on forecasts for favorable weather in parts of Brazil and on concerns about demand for U.S. products moving forward. 

Rain was expected over the weekend in some growing areas of Brazil and improvements to dry regions are forecast for this week, according to weather reports. 

Brazil is expected to produce a record 169 million metric tons of soybeans in the 2024/2025 marketing year, according to the U.S. Department of Agriculture. 

If realized, that would be up from the 153 million tons produced a year earlier and top the previous record of 162 million tons harvested in the 2022/2023 marketing year, according to USDA. 

U.S. production, meanwhile, is forecast at 121.4 million metric tons, up from 113.3 million a year earlier, the government said. 

Also weighing on soybean futures are concerns about demand should President-elect Donald Trump impose promised tariffs on goods from trading …