In the overnight session the grains traded mostly lower with December corn down 1 ¼ cents, January soybeans down 4 ¼ cents and December Chicago wheat down ¼ cent. The corn chart shows prices cupping back over toward the lows that were set in the middle of the month. January soybeans was able to trade at $10 briefly yesterday before selling pressure pushed it back under the strong psychological resistance level.
In the latest Crop Progress report released out yesterday afternoon corn harvest progress has progressed to 95 percent complete from 90 percent last week. The states that still lag behind in harvest pace are Ohio at 87 percent complete, Wisconsin at 81 percent complete and Michigan at 84 percent complete. Soybean harvest pace was not reported on this week.
Winter Wheat conditions were downgraded this week to 50 percent of the crop rated good-to-excellent from 52 percent last week. Despite the slight decline in the winter wheat crop prices continue to be pressured lower by ample global stocks and strong export competition.
Argentina is expected to get some precipitation starting on Friday and continuing into Sunday, but below average rainfall in the first few weeks of December could cause trouble for late planted corn and soybeans.
The latest GASC tender on November 15th resulted in the purchase of 240,000 metric tons of Russian wheat.
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
