On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD15.4450 bushel, shedding 0.3%. The November contract fell by as much as 0.8% earlier in the session to hit a daily low of USD15.3662 a bushel.
The USDA’s weekly crop progress report released after Tuesday’s closing bell showed that approximately 58% of the U.S. soy crop was harvested as of October 7, up from the 41% recorded a week earlier.
The five-year average for this time of year is 40%, while only 42% of the crop was harvested in the same week a year earlier.
Soybean prices have been under heavy selling pressure in recent weeks, losing nearly 13% since hitting an all-time high of USD17.8888 a bushel on September 4, as U.S. farmers started harvesting soybeans at a brisk pace.
Soy traders were also starting to focus on soybean production in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.
Agricultural meteorologists said that grain-growing regions in eastern Argentina will experience some rainfall later in the week, potentially boosting yields and upgrading the quality of the harvest.
Meanwhile, corn futures for December delivery traded at USD7.4188 a bushel, dipping 0.1%. The December contract was stuck in a narrow trading range of USD7.4338 a bushel, the daily high and a session low of USD7.4062 a bushel.
The USDA said that nearly 69% of the U.S. corn crop was harvested as of last week, up from 54% in the preceding week and significantly higher than the 29% recorded in the same week a year earlier.
The five-year average for this time of year is 28%.
Corn prices have been under pressure in recent weeks, amid easing concerns over the pace of the U.S. corn harvest.
Corn prices touched a record high of USD8.4237 a bushel on August 10, as escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region drove prices higher.
Elsewhere, wheat for December delivery traded at USD8.6850 a bushel, climbing 0.5%. The December contract rose by as much as 0.65% earlier to hit a daily high of USD8.7013 a bushel.
Wheat prices continued to draw support from concerns over a disruption to supplies from top producers Russia and Australia. The two countries are the world’s second and third largest exporters of the grain, trailing only the U.S.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.
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