Economy

US Cash Grains-Corn, soy bids steady to lower on early harvest

US Cash Grains-Corn, soy bids steady to lower on early harvest”

Bids for both crops fell at Midwest river terminals as freight costs rose sharply late last week on demand for empty vessels to haul corn and soybeans to Gulf Coast export terminals.

For the week ending September 14, US private traders has exported 26.5 million bushels of corn, 17 million bushels of wheat, and 34.1 million of soybeans during the 2017/2018 marketing year, according to data released Monday by the United States Department of Agriculture.

Soybeans coloring was at 70 percent, compared to 67 percent for the 5-year average.

The USDA pegged soybean leaf-dropping at 41% vs. a 43% five-year average.

The U.S. Department of Agriculture says in its weekly crops progress and condition report for Minnesota that the state's corn is still maturing about 10 days behind the average pace, but 81 percent of the crop is in good to excellent condition.

Meanwhile, bad weather in South America - with Brazilian soil too dry for planting soybeans, and Argentina too wet - has helped prices as traders bet that the growing season there will get off to a slow start. November soybean futures at the Chicago Board of Trade fell 0.1% to $9.67 3/4 a bushel. Iowa farmers have picked 1% of their corn crop, and IL is 5% complete. That weighed down the corn market in particular, which lacked fresh buying interest on Monday.



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