In the overnight session the grains were mixed with November soybeans up 2 ½ cents. December corn is trading down ½ a cent and December Chicago wheat was down ½ of a cent. November soybeans started the day out strong yesterday, but early gains evaporated by the close. Uptrend support is still intact for November Soybeans at $9.70, but yesterday’s trade action was not a ringing endorsement for the resumption of soybeans uptrend.
Exporters sell 100,000 metric tons of Hard Red Winter Wheat for delivery to Iraq during the 2017/2018 marketing year. USDA
The crop progress report showed that harvest pace advanced in line with market expectations. U.S. corn harvest advanced to 54 percent complete, up from 38 percent complete a week ago. Soybean harvest is now 83 percent complete, up from 70 percent last week. Soybean harvest is right on pace with the average of the last five years, but corn harvest is behind the average pace of 72 percent complete. Next week’s harvest pace should progress rapidly across the western part of the Midwest but could experience some delays with more precipitation expected across the eastern grain belt.
Winter wheat planting progress advanced to 84 percent complete, up from 75 percent the previous week. Traders are concerned that the difficult planting weather combined with the low wheat prices is encouraging farmers to switch acres out of wheat. Currently, December Chicago wheat is trading lower and looks like it will test a support level set on August 29th at 4.22 ½.
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