Corn: steady to 1 higher
Beans: 7 to 9 higher
Yesterday, the USDA released the crop progress report with corn harvest showing 60% completed this week vs 41% last week nationally and Iowa at 65% completed. Soybeans were reported as 75% harvested vs 61% last week nationally with Iowa at 90% harvested. Yesterday afternoon December corn closed at $4.05 1/2, up 3 1/4 as additional export sales were reported with 123,000 mt sold to Mexico and another 345,000 mt sold to unknown destinations. Corn trading higher overnight and into this morning although we may need to see new demand if we want to break through the highs from last week. Attention will focus on additional demand, South America’s weather and the rise in COVID cases reported.
Soybeans also closed higher yesterday also following the meal market’s new contract highs with January beans closing at $10.54. U.S. export inspections were strong again last week with 2.174 MMT, million metric tons, reported (79.88 million bushels) vs 1.331 MMT at this time last year. Soybeans traded higher again overnight and into this morning as traders continue keeping eyes on South America’s weather causing planting delays.