Ongoing trade fears continued to weigh on soybean prices, while wheat prices found gains thanks to another round of technical buying. Both the U.S. and China ramped up their trade spat with a fresh round of tariffs on one another’s products.
Here’s what else you need to know from the Chicago Board of Trade.
Wheat Prices Push Higher
December SRW contracts added 5.25 cents in Chicago and finished at $5.27 per bushel. The March 2019 contract added 4.75 cents to close at $5.455.
In Kansas City, December HRW contracts added 3.75 cents and finished at $5.29. The March 2019 contract added 3.75 cents and ended the day at $5.525.
Today, the USDA reported weekly export inspections at 409.592 MT. That figure was close to the previous week, but fell about 18.5% from the same time in 2017.
Spring wheat prices were a bit more modest. The December MGEX contract added 1.75 cents to end the day a tick above $5.82. The March 2019 contract gained 1.75 cents and closed just above $5.99.
Today, the USDA said that 28% of the winter wheat crop has been planted. That figure is 2 points ahead of the 5-year average and 6 points ahead of the pace from 2017.
Soybean Prices Go in Reverse
In Chicago, November soybean contracts fell 6.25 cents to end the day at $8.41. The January 2019 contract shed 6 cents to finish the day at $8.685. Prices fell despite news of a private sale of 162,000 MT for 2018/19 delivery to unknown destinations.
Export inspections came in this week just shy of 694,000 MT for the week ending September 20. That figure was off 33% from the same period last year.
Today, the USDA also announced the progress of the 2018 soybean harvest. The agency said that 14% of the harvest is complete. That figure is 6 points ahead of the 5-year average and 5 points ahead of the pace last year.
Analysts were expecting harvest progress to come in at 12%.
The USDA also said that 68% of the soybean crop is rated G/E. That was a 1 point jump from the previous week and 8 points ahead of the 5-year average.
Corn Contracts Tick Higher
The December corn contract added 3.25 cents to close at $3.605. The March contract also gained 3.25 cents to close at $3.725 per bushel.
The USDA said this morning that export inspections came in at 1.263 MMT. That figure was up 22% from the week prior and about 62% higher than the same period in 2017.
This afternoon, the USDA reported progress of the American corn harvest.
The agency said that 16% of the crop has been harvested. That figure is 6 points ahead of the progress in 2017 and 5 points ahead of the five-year average.
Analysts had expected that the harvest progress would come in at 15%.
The agency also said that 69% of the U.S. corn crop is rated G/E. That was a 1 point improvement from the previous week and 8 points ahead of last year’s pace.
On the global front, Ukraine’s corn harvest has made some progress. The country’s harvest is 16% complete with an average yield of 83.6 bushels per acre.
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