In the overnight session the grains pulled back slightly after recording nice gains in yesterday’s session. December Corn is trading down 1 cent, November soybeans is down 2 ¾ cents and December Chicago wheat is down 2 ¼ cents this morning.
The crop progress report released yesterday after the market closed showed that soybeans were 70 percent harvested above analyst expectations which were expecting 64 percent complete. Soybean harvest is now only 3 percentage points away from the five year average harvest pace for this time of year. Corn harvest was reported at 38 percent complete, well below the five year average of 59 percent and behind expectations which was expecting the report to show 44 percent of corn harvested.
Winter wheat planted increased to 75 percent complete, up from 60 percent a week ago. This was slightly above analyst expectations which were looking for winter wheat to be 73 percent planted.
On Monday the U.S. Commerce Department set their preliminary anti-dumping duties in a range from 54.36 to 70.05 percent on soy-based biodiesel from Argentina. Indonesia’s palm oil biodiesel duties were set to 50.71 percent. Indonesia plans on contesting the anti-dumping duty said a senior trade ministry official in Jakarta. He went on to say “We will fight to counter the U.S. dumping allegation.”
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