USDA CROP PROGRESS REPORT: CORN HARVEST COMING TO A CLOSE
As of Nov. 26, 96% of corn in the top 18 corn-producing states is now harvested, up from 93% the week prior and ahead of the five-year average of 95%. USDA says 91% of winter wheat has emerged up from 87% a week ago and ahead of the five-year average of 89%. Fifteen percent of winter wheat is rated in poor/very poor condition, down 2% from the previous week. A total of 35% is rated fair, reflecting no change week-over-week. A total of 50% is rated in good/excellent condition, up 2% from the week prior and 16% higher than a year ago.
(Link: Successful Farming)
WHEAT FUTURES HIGHER ON TECHNICAL BUYING
Wheat rebounded in overnight trading as speculative investors who were short the market or had bet on lower prices, bought back their contracts and liquidated their positions after futures hit contract lows. Corn futures were little changed overnight while soybeans were higher. Wheat has been dropping as more grain moves out of Ukraine through its humanitarian corridor — a section of the Black Sea where ships have been moving freely for weeks.
Producers in Brazil have faced extreme drought in some areas and flooding in others, delaying planting. Wheat futures for March delivery gained 3 ½ ¢ to $5.64 ½ a bushel overnight on the Chicago Board of Trade, and Kansas City futures added 3 ½ ¢ to $6 a bushel. Corn for March delivery was up 1¢ to $4.76 ¼ a bushel. Soybean futures for January delivery rose 8 ¼ ¢ to $13.38 a bushel. Soymeal was up $2.60 to $439.20 a short ton and soy oil added 0.54¢ to 51.6¢ a pound.
(Link: Successful Farming)
