GRAINS — Soybeans and corn slip as US harvest in full swing
(Adds closing prices) Mostly dry Midwest weather speeds corn, soybean harvests ahead of late-week rains Reuters poll sees USDA reporting 44% of US soybeans, 38% of corn harvested as of Sunday Renewed export demand after price drop underpins corn By Karl Plume CHICAGO, Oct 13 (Reuters) — US soybean futures drifted lower for a second straight session on Tuesday as harvest activity picked up across the Midwest following a spell of dry weather and as traders awaited a weekly crop progress report after the close. Corn was flat to lower as traders weighed rising supplies from an active Midwest harvest against rising demand with prices near two-month lows. Wheat ticked down, with the market shrugging off the latest attack on vessels in the Black Sea export zone. Mostly dry Midwest weather over the past week allowed farmers to accelerate harvesting of corn and soybeans ahead of expected rain in western areas later this week, followed by drier weather, according to meteorologists. "We have harvest pressure and the market's going to wait for demand news. We've got the crop progress report later (Tuesday) and right now the path of least resistance is lower," said Craig Turner, commodity risk
(Adds closing prices) Mostly dry Midwest weather speeds corn, soybean harvests ahead of late-week rains Reuters poll sees USDA reporting 44% of US soybeans, 38% of corn harvested as of Sunday Renewed export demand after price drop underpins corn By Karl Plume CHICAGO, Oct 13 (Reuters) — US soybean futures drifted lower for a second straight session on Tuesday as harvest activity picked up across the Midwest following a spell of dry weather and as traders awaited a weekly crop progress report after the close. Corn was flat to lower as traders weighed rising supplies from an active Midwest harvest against rising demand with prices near two-month lows.
Wheat ticked down, with the market shrugging off the latest attack on vessels in the Black Sea export zone. Mostly dry Midwest weather over the past week allowed farmers to accelerate harvesting of corn and soybeans ahead of expected rain in western areas later this week, followed by drier weather, according to meteorologists. "We have harvest pressure and the market's going to wait for demand news. We've got the crop progress report later (Tuesday) and right now the path of least resistance is lower," said Craig Turner, commodity risk management consultant at StoneX.
Analysts polled, on average, expect the US Department of Agriculture to report that 38% of the nation's corn crop and 44% of soybeans had been harvested as of Sunday. 82-3/4 a bushel. Renewed export demand underpinned corn prices after the USDA unexpectedly raised its US production outlook late last week, which sent prices plunging to two-month lows. 69-1/4 a bushel in the fourth decline in five sessions.
The market showed little reaction to news that two cargo ships were struck by drones off the coast of Bulgaria, in the latest attacks on commercial shipping in the Black Sea due to Russia's war with Ukraine. com; +1 313 484 5285)