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Harvest challenges accounted for in latest USDA crop report

A market analyst says harvest challenges are finally being accounted for with the release of USDA’s latest crop progress report.

Global Commodity Analytics president Mike Zuzolo tells Brownfield traders are starting to focus more on delays in key growing regions of the Midwest.

“I think there’s an arc that goes essentially from Kansas City, Missouri up through Nebraska, into the Dakotas, and then back around towards Minnesota and into Iowa.”

He says harvest delays are most concerning in the Upper Midwest because it typically gets cold sooner.

As of Sunday, 38 percent of the U.S. soybean crop has been harvested compared to the five-year average of 53 percent.

“That’s where the soybeans are very different in terms of how I think traders are going to trade the corn versus the beans.  In other words, between the beans being behind from last year, corn is still ahead of last year.”

Soybean futures have strengthened recently, with all contracts beyond November closing above $9 dollars a bushel Monday.

 

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