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Quick, Early Start for Soybean Harvest
21.09.2010 11:58 "Agro Perspectiva" (Kyiv) —
Just like the corn harvest, the U.S. soybean harvest is off to a quick and early start this year.
Today’s USDA crop progress report pegged the nationwide harvest at 8% complete as of Sunday, ahead of last year and average at 2% and 6%, respectively.
The Indiana harvest was already 20% complete as of Sunday, 17 points ahead of average, while Illinois was 10% complete versus 5% on average. Things were a little slower in Iowa, where 4% of the crop was off, 2 points ahead of last year and on par with average. Producers in Michigan had 5% of that state’s crop harvested versus 3% on average, and Ohio was 11% complete, 10 points ahead of last year and 8 points ahead of average.
November soybeans finished up 15 1/2 cents at US$10.84 1/2. November soybeans saw two sided trade at higher levels during the day session. The soybean complex managed to maintain most of its overnight gains despite sell offs to lower on the day in wheat and corn.
Traders noted that fundamental support came from an array of factors including dry weather ahead of planting season in Brazil, a crop-damaging frost in canola-growing areas in Canada late last week, a frost in Chinas important northeast growing areas, a lower dollar and concern that soybeans will lose acreage to corn and other crops next spring if prices do not rise. In addition, the USDA announced a sale of 225,000 tonnes of US soybeans to China this morning and that was also viewed as supportive.
This weeks export inspections for soybeans were 12.078 million bu, up from 7.28 million last week. Inspections need to average 29.25 million bu each week to reach the USDAs current export projection.
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