October 17, 2017 | Grain Hedge Insights | Kevin McNew | Views: 449

Latest Crop Progress Report Results

Grains Slide Lower in the Overnight Session

In the overnight session the grains slid lower with December corn down 1 ¼ cents, November Soybeans down 5 ½ cents and December Chicago wheat down ½ penny. The latest forecast shows rain returning to the Midwest in the 11-15 day forecast which should slow an already lagging harvest progress.

 

Exporters sell 115,000 MT of Corn for delivery to Mexico during the 2017/2018 marketing year. Exporters sell 146,000 MT of Corn for delivery to unknown destinations during the 2017/2018 marketing year.-USDA

 

The latest Crop Progress report showed that only 28 percent of corn has been harvested as of October 15th compared to a four year average of 47 percent harvested. Corn condition increased 1 percent to 65 percent rated good-to-excellent. Soybean harvest is moving along a bit faster than corn with 49 percent harvested but is still behind the four year average of 60 percent. Soybean’s rated good-to-excellent held steady at 61 percent this week. The report also showed that 60 percent of wheat has been planted this year which is behind the five year average of 71 percent. There should be more opportunities for fieldwork this week with the forecast showing clear weather through the middle of next week.

 

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The NOPA Crush Report which was released yesterday showed that 136.419 million bushels of soybeans were crushed in the month of September, down 6.005 million bushels from August and below the average analyst guess of 138.071 million bushels. Despite missing expectations this year’s September soybean crush was 6.184 million bushels over last September’s numbers. The NOPA report showed that oil stocks were at 1.302 billion pounds, which was slightly below the expectations of 1.332 billion pounds.

 

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