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Soybean Harvest at 93% Complete

Tomorrow's Crop Report Expected to Show a Bump in Soybean Yields

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Election Tuesday saw beans continue to the upside while corn and wheat had marginal gains. In outside markets, equity futures were slightly lower following yesterday’s sharp advances while crude and the USD had a slight dip in early trade.

USDA announced a 116,100 MT of soybean meal to the Dominican Republic.

Yesterday after the close, USDA reported the US soybean harvest at 93% complete versus 91% normal for this time of year and corn at 86% versus 85% normal. Winter wheat ratings held steady at the national level but saw rather sharp drops in CO & NE as drought starts to be an issue heading into dormancy.

Ukrainian 2016/17 grain exports could be 7 MMT lower than originally expected due to logistical difficulties and some companies have already redirected shipments from Ukraine to other countries, traders said on Tuesday. Ukraine had planned to ship abroad around 41 MMT this season vs 39 last year. Volodymyr Klymenko, the head of Ukrainian grain traders union UZA said a lack of railway grain wagons and a tightening of the rules on grain transportation by trucks were the main obstacles to exports.


Egypt’s GASC was in the market for wheat and got 7 offers. The lowest at $186.98 came from a Russian firm but a US offer of SRW for $187 was not far off the mark.

The crop report tomorrow is expected to show a bump in soybean yields and carryout while corn numbers are on average expected to be mostly unchanged.


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