US: Harvest pressure pushes grain prices lower

Grain prices weakened during Monday’s session as harvest progress continues to replenish low corn and soybean stocks. That prompted a round of technical selling that trimmed corn prices by 0.4%, while soybeans sank more than 1.5% lower. Wheat losses were variable, mostly ranging between 0.5% and 1.25% today. Bountiful rains will arrive in parts of the Midwest later this week, with a band stretching from southwest Arkansas to northeast Illinois likely to see at least 1.5” or more fall between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts more seasonally wet weather for the central U.S. between October 31 and November 6, with warmer-than-normal conditions likely for the Midwest and Plains next week. Has rainy weather slowed down your fieldwork recently, or is harvest progressing as planned? Click this link to take the survey and share updates about your farm’s crop development. Farm Futures grain market ...