Corn is trading unchanged to half of a cent higher this morning as December futures continue to hover around the $4.10 mark which is just above their 50-day moving average. Harvest has been moving at a rapid pace, but cash offers have been firm.
Yesterday, the USDA released its Crop Progress report which showed that 65% of the corn crop has been harvested which compares to 47% last week. This is the fastest harvest pace since 2012. 98% of the crop is mature which compares to 94% the previous week.
In Brazil, the summer corn crop in the Central Southern region is now 52.9% complete with planting as of October 18. This compares to 58.8% the previous year and the 5-year average of 54.5%. The improved weather has been a boon to planting progress.
Soybeans are trading unchanged to slightly higher this morning in generally quiet trade. Harvest is nearing completion but there will be a question of yield size in areas that have been very dry. Soybean meal is trading lower while soybean oil is higher.
Yesterday’s Crop Progress report showed that 81% of the soybean crop has been harvested which compares to 67% last week and the average of 67%. This is the fastest harvest pace since 2010.
In Brazil, 18% of the corn crop is now planted which compares to 8% last week, and 30% the previous year. The majority of the country received rain last week and this week’s forecast has central Brazil receiving between 1 and 4 inches this week.
All three wheat classes are trading lower this morning with Chicago wheat leading the way lower. Over the weekend, forecasted rains that were to fall in Kansas did not materialize, but yesterday some of the drier areas received less than an inch which could be adding some pressure this morning.
Yesterday’s Crop Progress report showed that 73% of the winter wheat crop had been planted which compares to 64% last week and the average of 76%. 46% of the crop has emerged which compares to 35% last week and the average of 50%.
The Russian wheat crop is expected to shrink for the third year in a row as a result of dry weather. 2025 wheat production is estimated at 80.1 mmt which would be the smallest harvest since 21/22.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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