Corn is trading higher this morning after four consecutive days of lower prices. December futures are attempting to find support near the pivotal $4 level.
A sharp sell off in energy prices, harvest selling pressure and the funds adding back short positions have trimmed December corn futures about 30 cents from their early October highs.
Harvest progress in the US had reached 47% complete as of Sunday October 13. This is the fastest harvest pace since 2012.
Soybeans futures are trading higher to start Wednesday after a strong NOPA crush report yesterday. November futures are attempting to find support near the $10 level.
Tuesday’s NOPA crush report showed September crush by NOPA members was 177.32 mb, up 7.2% from September of 2023 and well above trade estimates.
Soybean basis levels in the PNW as well as in the heart of the Midwest have surged higher this week. Rumors of Chinese buying of US soybeans as well as harvest nearing completion are backing this encouraging sign.
US soybean harvest progress jumped to 67% complete as of October 13, this was a 20% gain from last week and 16% ahead of the 5-year average.
Winter wheat futures are lower yet again to start Wednesday with Spring wheat futures holding onto a slight gain.
Significant rainfall looks to be in the cards for the southern Plains over the weekend. This highly important area of KC wheat country has been on the drier side for the last few weeks.
Winter wheat planting progress was reported at 64% complete as of October 13th according to the USDA. This is 2% behind the 5-year average.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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