Gary's Blog 11/19/19 1:41:47 PM|
% Harvested TW LW AVG Ohio
Corn 76% 66% 92% 75%
Beans 91% 85% 91% 90%
It was a turnaround Tuesday on the Chicago Board of Trade today. Futures were able to test the positive side as the POTUS claims talks are progressing with China. Harvest progress remains sluggish with the US 75% complete with corn and 91% in soybeans. Wet conditions in the northern part of the belt have many thinking it will be spring until harvest resumes. Locally machines are back at it trying to finish before the rain Thursday. Overall producers are pleased with yields.
The market remains vulnerable to any trade deal news and tends to react swiftly. This morning when the news broke that “Phase one” wasn’t going as planned soybean futures sold off. (8 cents lower) Corn felt some spillover pressure posting a 3.5 cent loss of its own. Harvest progress will be updated at 4pm today. Locally we are nearing the finish line with corn harvest nearing 90% complete in our area. Most will try to finish up by the next rain event which is Thursday. Choppy to lower remains the CBOT theme.