Corn, Soybean Harvest: Better Late Than Never

South Dakota Crop Production Expected to be Down

Corn falls

The CME Group reported 137 deliveries against CBOT November soybean futures, which expire on Tuesday. Futures underpinned by a decline in United States crop condition ratings and the fact that commodity funds already hold a large net short position in CBOT wheat futures.

A total of 95 percent of the USA winter wheat crop is planted with 54 percent of the crop rated Good or Excellent, down 1 percent from the prior week.

The Iowa soybean crop is 97 percent complete about five days behind average and Nebraska farmers report they're all but finished with soybeans at 99 percent harvested.

CBOT December corn last traded down 3/4 cent at $3.41-1/2 per bushel. Rallies capped by forecasts for welcome rains this week in crop areas of Brazil.

"The corn harvest is catching up, and is now only one week behind the five year average", said Mike Naig, Iowa Deputy Secretary of Agriculture. The most active soybean futures were little changed at $9.86-3/4 a bushel, after firming 0.2 percent on Friday.

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