Corn is up 1 and soybeans are up 10 to start the week.
Heavy rains over across the Midwest over the weekend slowed the late stages of corn and soybean harvest. The US weather is really wet into Thursday of this week. After this system passes, there is another one just about as big that develops Wednesday and moves through the Central US into Friday. The forecast shows a clear out of rain from Saturday to the end of the model run on November 7th. No other major storm system is forecast as of this morning. Temps look to be cooler as some cold air is going to move down from Canada. Not very good weather for harvest this week and it’s going to take a while to dry down.
Last week’s report saw 52% and 60% of U.S. corn and soybeans, respectively, harvested as of October 14. Both figures remained higher than the five-year average though the gap between the two metrics narrowed slightly week over week. Trade is looking for corn to be around 65% complete and soybeans 70% complete in this afternoons report.
Wheat continues to climb higher on the CBOT making contract highs over the last few days. Strength in the wheat market has spilled into corn and soybean helping pull them higher recently. Decent export demand along with questionable plantings is giving wheat legs.
Have a safe day!