Rapid US harvest progress helped to send soybean futures to double-digit losses on Tuesday. Corn also ended lower while wheat was marginally higher.
Monday’s USDA crop progress report showed the American soy harvest at 47% complete as of Sunday, up 21 points from the previous week and 5 points ahead of the average pre-report trade guess. The harvest was also 13 points ahead of the five-year average. Soybeans were further undermined by wetter weather for Brazil, heavy US harvest selling, and disappointment over the fact the Chinese government announced no new economic stimulus measures after returning from the Golden Week holiday. Most traders and analysts were expecting further measures, which were seen helping to boost Chinese demand. November beans fell 17 ¾ cents to $10.16 ¼, and January lost 18 cents to $10.34 ½.
Corn dropped on harvest pressure and heavy losses in crude oil amid news of a possible ceasefire between Israel and Hezbollah. The US corn harvest gained 9 points on the week to reach 30% complete as of Sunday, 4 points behind trade expectations. December corn dropped 5 ¼ cents to $4.20 ¾, and March was down 4 ½ cents at $4.38 ¼.
Wheat managed small gains on continued dryness in the US southern Plains and recent Russian attacks on ships ferrying Ukrainian grain for export. December Chicago wheat was up 2 ¼ cents at $5.94 ¾, December Kansas City added a ½ cent to $6.03 ¾, and December Minneapolis gained ¾ of a cent to $6.45.
