US Harvest Delayed by Prolonged Rain
The US harvest is facing a challenging week due to widespread rain in the Midwest. According to AgroLatam, fieldwork could be temporarily interrupted as 2-3 inches of rain are expected across many fields from the Dakotas through Ohio between Friday and Monday.
This timing is crucial for US agriculture as fresh supplies begin to reach the market while traders are still assessing national corn and soybean yields. The weather forecast has become a central market variable, with areas farther south expected to remain dry.
Corn prices dropped more than 0.75% amid technical selling, with December corn falling 3.75 cents to $5.3050 per bushel. Meanwhile, soybeans traded nearly flat, with January futures slipping only 0.25 cent to $13.37 per bushel.
The wheat market also experienced a decline, with December Chicago soft red winter wheat declining 3.75 cents to $7.27 per bushel due to uncertainty in the Black Sea region and large global inventories.