Corn Harvest Begins In U.S.

December futures had recovered to near $3.92 in early trading on September 14. Traders are awaiting the October USDA report, as it might include effects of harvest damage in August.

The rally in corn gave impetus to a wheat market grappling with ample supply among leading exporting countries.

Soybeans actually fared best among Chicago’s big three, adding 0.5% to $8.88 ¾ a bushel for November delivery, but having not enjoyed the same run-up, having emerged with an unexpected, and bearish, yield upgrade from Friday’s USDA Wasde crop report. Continued short covering increased soybean harvest expectations, which resulted in a major soybean price decline.

Rain and cool temperatures occurred throughout Illinois last week, slowing down corn harvest advancement. Mature was at 12 percent, near the 8 average.

“Sixty-one percent of corn acres have reached maturity”. That use is hard to anticipate because use during any particular quarter varies considerably from year to year and is not highly correlated to animal numbers.

More than half of the country’s top corn-producing states are reporting corn harvest progress, but many have fallen behind their pace from 2014. This was the 24th consecutive week with weights lighter than a year ago. The initial report this year was released on August. 17, with an updated report scheduled for September 16. Corn saw less area planted this year, but yields are also way off thanks to a watery June. FSA acreage totals ranged from 96.7 to 97.5 percent of the NASS totals.

Corn conditions were unchanged for another week with 10 percent of corn in poor or very poor condition.

Wheat prices led the grains, advancing despite federal forecasts for larger-than-expected domestic and global reserves.