In the overnight session the grains traded lower with December corn down ¾ of a cent, November soybeans down 3 ¼ cents and December Chicago wheat up 2 ¾ cents this morning.
Temperatures should cool down in the second half of this week. The recent warm weather has helped speed along maturity after a cooler than normal late summer had some traders concerned about growing degree days. The corn crop is 51 percent mature according to the Monday crop progress report which is behind the five year average of 64 percent. Precipitation should be limited throughout the Midwest over the next couple weeks which will continue to support harvest work.
The Crop Progress report released on Monday showed that corn harvest for the third week in September is running behind the five year average with only 11 percent of the corn crop harvested compared to the average 17 percent. The corn crops good-to-excellent rating held steady this week at 61 percent. Soybean harvest is 10 percent complete compared to the five year average of 12 percent. Winter wheat is in line with the five year average with 24 percent planted.
South Africa’s 2017 corn harvest is expected by analysts to be the largest on record at 16.498 million metric tons which is well above last year’s drought impacted production. The Crop Estimates Committee will provide its final production estimates on Thursday the 28th. Currently, the largest South African corn crop was in 1981 and produced 14.656 million metric tons.
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