Corn harvest still lags, soybeans almost done

Mike McGinnis

The CME Group reported 137 deliveries against CBOT November soybean futures, which expire on Tuesday.

The corn harvest was at 86 percent complete, compared with 92 percent at this time past year and nearly 90 percent on average.

A total of 95 percent of the US winter wheat crop is planted with 54 percent of the crop rated Good or Excellent, down 1 percent from the prior week. The CBOT January soybean contract dipped to $9.82-1/2 a bushel ahead of the daily pause in trade, its lowest since October 31 and just below its 50-day moving average.

The soybean harvest is nearing completion, while the corn harvest is still 17% points from being finished, behind its five-year average.

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Chicago Board of Trade corn futures ended higher Friday on short-covering and technical buying after the benchmark December contract stayed above a contract low set a day earlier, traders said.

Production of corn, soybeans and grain sorghum in South Dakota is expected to be down this year. Rallies capped by forecasts for welcome rains this week in crop areas of Brazil.

CBOT January soybeans last traded up 2-3/4 cents at $9.77 per bushel.