9/19/2023 8:00 am
Corn was lower overnight on follow through weakness from Monday's session. Open interest in corn jumped over 16k contracts as funds add more shorts. US corn harvest running ahead of normal in the WCB with US progress at 9% vs 7% normally.
Maturity of the US corn crop at 54% is well ahead of last year's 38% and the 5 yr avg of 44%.
US weather maps has rains moving through the Midwest the next 7 days, which should push some harvest toward corn vs soybeans. Producers keeping eye on stalk quality in the WCB.
Soybeans are slightly lower while meal and soyoil are mixed. US soybean harvest is running well ahead of normal in the South with MS at 42% harvested vs 26% normal. Louisiana is 66% harvested vs 48% avg and AR is 15% complete vs 10% avg. Nationally harvest is 5% vs 4% normal. Soybean yields running strong in the South and areas of good moisture like in IL. Yields not as good in the dry areas like Neb and parts of western IA but farmers hoping later soybeans will do better.