Corn trades higher at midday after getting a boost from the wheat market. December corn has now traded at its highest level since June 28.
USDA’s September 1 stocks were below expectations at 1,760 mb but still above last year’s 1,360 mb number.
Monday’s Crop Progress report showed corn ratings falling slightly to 64% good-to-excellent. 21% of the corn crop is harvested compared to the 5-year average of 18%.
The longshoremen strike has begun with ports affected from Maine down to Texas. This could cause some bearish reaction if the US can’t move grain.
Soybeans are weaker at midday on South American weather which shows rain in the forecast for Brazil and Argentina.
USDA’s September 1 Stocks report was below expectations at 342 mb but above last year’s 264 mb.
Monday’s Crop Progress report showed soybean ratings unchanged from last week at 64% good-to-excellent. Harvest jumped higher to 26% from 13% last week.
China will be closed this week for their Golden Week holiday which could result in lower prices if no export sales are announced.
All three wheat contracts are higher at midday on drier weather outlook for US Plains.
USDA’s September 1 Stocks report showed wheat stocks at 1,986 mb which was slightly above expectations and 12% higher from a year ago.
Monday’s Crop Progress report showed the winter wheat crop as 39% planted, up from 25% last week.
Growing war tensions in the Middle East should be supportive of wheat prices after Israeli troops entered Lebanon over the weekend.
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