Corn, soybean harvest lagging behind


The firm on Tuesday raised its estimate of the average US 2019 corn yield to 169.3 bushels per acre, from 168.4 in its previous monthly report released on September 4.

USA soybean, wheat and corn futures fell on Wednesday as profit taking kicked in after strong rises this week, with a stronger dollar and good US weather forecasts also undermining sentiment. Growers have struggled due to low prices, the U.S.

The most active corn contract for December delivery was up 0.75 cent, or 0.2 percent week on week, to close at 3.715 dollars per bushel on Friday. Wheat stocks were slightly above trade expectations at 2.385 billion bushels.

The most active soybean futures on the Chicago Board Of Trade were up 0.1 per cent at $9.07-1/4 a bushel, as of 0448 GMT, near the session peak of $9.08-1/2 a bushel - the highest since July 29. "The dollar remains in a strong trend around two-year highs, which is a burden for USA exports".

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The USDA separately said 11% of USA corn and 7% of soybeans were harvested, below normal for this time of year. For soybeans, shares have been lowered with a revision from 2018 bean manufacturing.

The fall in corn futures also came despite the USDA pegging the pace of harvesting below market expectations. Harvested was 8%, behind 16% past year and 11% average. Chinese buyers have recently made a string of purchases, though, including up to 600,000 tonnes on Monday, according to traders.

"China has great market demand for high-quality US farm products and has high complementarity with the United States in the field of agriculture", MOC spokesperson Gao Feng said, expecting the two sides to make joint efforts and take concrete actions to create favorable conditions for bilateral cooperation.

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Wheat futures ended higher after a five-session slide, buoyed by short covering and concerns about wet conditions damaging USA spring wheat crops.

Private traders on Friday reported to the U.S. Department of Agriculture sales of 126,000 metric tons of soybeans to China for delivery in the 2019/2020 marketing year.

Normally, early October sees the end of spring wheat harvest, with corn and soybean harvest well under way.

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