Soybeans rose modestly overnight, while grain futures were little changed on mixed weather forecasts for Brazil and progress in the US harvest. Some parts of northern Brazil will receive rain starting today, which will help soil moisture in dry areas of soybean and corn crops by 20% to 25%, the Commodity Weather Group said in a statement.
Still, the next week will be dry weather, according to the meteorologist. Meanwhile, in southwestern Brazil and southeastern Paraguay, dry weather is expected this weekend, although two showers are expected this week, CWG said. Rainfall is also expected in parts of central and southwestern Argentina. With 85% of soybeans in the trash earlier this week, the U.S. harvest is nearing the finish line, above the five-year average of 78%, the Agriculture Department said in a statement.
About 71% of the corn crop had been harvested as of Sunday, higher than the 66% average for this time of year, the USDA said. U.S. winter wheat planting is nearing completion, with 84% planted earlier in the week. This is slightly behind the normal 85% for this time of year. Sixty-four percent of the harvest has emerged, which the government said is an average figure.
Soybean futures for November delivery rose 4 cents overnight to $13.32 ¼ a bushel on the Chicago Board of Trade. Soybean meal was down 20 cents to $426.10 a ton, while soybean oil was up 58 cents to 50.9 cents a pound. Corn for December delivery fell 1 3/4 cents to $4.68 ¼ a bushel.