Slow Harvest Pace Supporting Grain Futures Prices
Grains remain near-term bullish, which is inviting more speculative buying interest
The U.S. corn and soybean harvest continues to lag behind normal due to rainfall in parts of the Midwest creating muddy fields and a potential loss of crop quality, reports The Pig Site.
The weekly USDA Crop Progress Report is expected to show corn harvest at 33 complete versus 22 complete last week. Soybean harvest is seen at 38 done compared to 26 last week.
The charts for all three grains remain near-term bullish, which is inviting more speculative buying interest, including from the big "funds."
According to The Pig Site, much of that buying from the funds is short covering.