Chicago Close: Slowing Harvest Supports

Slowing US harvest progress helped to push corn and soybean futures higher on Tuesday.

Monday’s USDA crop progress report pegged the national soybean harvest at 73% complete as of Sunday, still 3 points ahead of the five-year average but behind trade expectations that had the harvest 6 to 8 points ahead of the average. Rain over the weekend did delay the harvest in some areas, and the ground is becoming increasing wet in various states. Michigan topsoil moisture was rated 62% surplus as of Sunday, while Indiana was at 31% surplus and Illinois at 25%. November beans inched up ¾ of a cent to $12.38 and January was a ½ cent higher at $12.47 ½.

“Even if we get a break in the rains for one to two days, that is not enough for farmers to get back in the fields,” Terry Reilly, senior analyst with Futures International in Chicago, told Reuters.

Corn was also boosted by Corn Belt wetness, although Monday’s USDA report put the nationwide corn harvest at 66% done, slightly ahead of trade expectations and 13 points ahead of average. December corn gained 5 ½ cents to $5.43 ½ and March was 5 ½ cents higher at $5.52 ¼.

Wheat futures lost ground despite the first condition rating for the 2022 US winter wheat crop coming in below expectations. The USDA put the crop at 46% good to excellent, 5 points above a year earlier but short of trade ideas at 54%. December Chicago wheat dropped 7 ¼ cents to $7.52 ¼, December Kansas City lost a ½ cent to $7.77 ¼ and December Minneapolis was down 5 ½ cents at $10.21 ½.

Source: DePutter Publishing Ltd.

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