California Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished slightly higher Monday concerns over harvest delays and technical buying.
The most active Corn contract for December delivery rose 0.25 cents, or 0.07%, to 3.3725 bu.
December Wheat delivery rose 0.75 cents, or 0.19%, to 4.04 bu.
Nov Soybean added 6.5 cents, or 0.67%, to 9.725 bu.
Weekly crop progress data released by the US Department of Agriculture (USDA) after the market close showed a lag in harvesting.
As of Sunday, 9% of US Corn has been harvested, down from the 5-year average of 12% for this time of year and 11% expected by the trade, and 4% of US Soybean were harvested, down from 5%on average, matching expectations.
Soybean prices gained for a 3rd session running, driven North by the anticipation that Chinese buyers back from a recent holiday will book purchases of US Soybean.
USDA forecasters are predicting domestic farmers will reap a record Soybean crop this year, though a brisk US export pace has recently helped keep prices afloat, convincing traders that a strong world appetite for Soybean will help limit the growth of US supplies even in the face of the record harvest (glut).
Corn prices closed slightly higher after trading lower for much of the day as harvest activity picks up in the US Farm Belt.
Although Corn yields have fallen short of expectations so far this season, farmers in some of the biggest Corn growing states have yet to begin harvesting their crops in earnest, and the promise of the coming crop, which is projected at an all-time record, weighed on the agriculture market Monday.
Wheat prices were buoyed by improvements in the Corn and Soybean markets Concerns over export disruptions also have recently capped gains in the Wheat market, as Egypt, the world’s top grain buyer, re-instated a ban on Wheat containing traces of the ergot fungus, confounding grain shippers.
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