Corn is down 4 and soybeans are up 3 to start the day.
Corn harvest progress came in at 59% complete as of Sunday night, up from 45% last week and the 54% five-year average, but right in line with last year. Soybean harvest rose from 62% to 76% done, up from the 67% five-year average, but below 78% last year.
There was a Chinese diplomat in Iowa yesterday, but little coverage of the visit. The event wasn’t publicized leading up to the event or after, but it doesn’t appear any new sales were negotiated or agreed to. This is not the first time for a Chinese diplomat to visit Iowa, but it usually happens in the Spring and is tied to new sales agreements. The timing of this one and the lack of new sales raises questions.
It appears the corn market is going to be dependent on soybeans and wheat for any move higher. With export demand in Q4 looking terrible and better than expected yields coming off across the Midwest, things look to remain depressed.
Producers are advised to take advantage of any small spikes in the CBOT to make new sales.
Have a safe day!