US: 3 big things today, October 28, 2022

1. Soybean, Grain Futures Drop in Overnight Trading Soybean and grain futures were lower in overnight trading on forecasts for favorable weather conditions in the U.S. and South America. As much as six times the normal amount of rain has fallen in the past week in parts of Missouri and Arkansas where soft-red winter wheat is growing, according to the National Weather Service's precipitation page. The precipitation in the past seven days was centered over southern Missouri and reached several states including Oklahoma and northwestern Arkansas, the weather maps show. In South America, rains this week favored parts of Rio Grande do Sul and northern Bahia, Don Keeney, an agricultural meteorologist at Maxar, said in a note to clients. Precipitation in parts of Rio Grande do Sul and northern Mato Grosso — both major growing states — will boost soil moisture, he said. Further improvements are expected in northeastern areas next week. In Argentina, rainfall in parts of several states ...