Farmers make good corn harvest progress

Mike McGinnis

Mike McGinnis

Wheat conditions in the West Plains are below last year and the 5-year average.

The US Department of Agriculture late Monday rated 54 percent of the US winter wheat crop as good to excellent in a weekly crop progress report, down from 55 percent a week earlier and below an average of analyst expectations for 56 percent. December wheat delivery fell 7.25 cents, or 1.68 percent, to 4.2425 dollars per bushel. Funds hold a large net short position in CBOT corn futures, leaving the market vulnerable to bouts of short-covering.

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

The most active corn futures on the Chicago Board of Trade were down 0.2 percent at $3.43 a bushel by 0151 GMT, having gained 0.6 percent in the previous session.

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Meanwhile, the sorghum harvest was at 85 percent complete, compared with 96 percent a year ago and 93 percent on average. Rallies capped by forecasts for welcome rains this week in crop areas of Brazil. Soybean production is expected to be down 1 percent to 252 million bushels, and sorghum production down 10 percent to 14.2 million bushels.

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