Corn and Wheat Drift Lower on Prospects of Large Supplies
Midwest Corn and Soy Harvest Delays Wednesday through Saturday
In the overnight session the grains were mixed with December corn down ¼ cent, November soybeans up 1 ½ cents and December wheat down ½ a penny. December corn is currently trading at $3.42 per bushel which is right at a previous low set on October 12th. The surprised yield revision by the USDA will most likely continue to weigh on corn prices as we move through the week.
Exporters sell 133,096 MT of Corn for delivery to unknown destinations during the 2017/2018 marketing year-USDA
The latest crop progress report showed that corn is now 83 percent harvested, up 13 percentage points from last week, but still below the five year average of 91 percent harvested at this point of the season. The second half of this week could provide some harvest delays, but the 6-10 day precipitation outlook shows drier than than normal conditions throughout the majority of the Midwest. Soybean harvest advanced to 93 percent complete, up from 90 last week but slightly behind the five year average of 95 percent. The soybean harvest pace was slightly behind analyst expectations for this report.
The report also showed that winter wheat is now 95 percent planted after lagging behind the five year average all season long. The winter wheat crop is rated 54 percent good-to-excellent which is behind the 59 percent good-to-excellent rating last year.
Farmers have planted 12 percent of the expected soybean acres in Argentina, but dryness in the forecast may slow planting pace in the coming weeks. Both Buenos Aires and Santa Fe are expected to be dry this week.
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