Chicago Soybeans Futures Turn Lower on Tuesday as Harvest Reaches Completion

(AgWeb) –  In the overnight session the grains are trading lower with December corn down 1 cent, January soybeans down 1 ¾ cents and December wheat down 4 ½ cents.

The latest Crop Progress report, which was released yesterday afternoon by the USDA, showed that harvest pace was in line with analyst expectations.

Soybean harvest was 90 percent complete, up from 83 percent complete last week and in line with the five year average.

Corn harvest was reported at 70 percent complete, up from 54 percent the previous week, but still behind the five year average pace of 83 percent complete.

Winter wheat condition improved to 55 percent of the crop rated good-to- excellent, up from 52 percent a week ago.

The USDA reported that 91 percent of the crop has been planted, up from 84 percent a week ago. Planting pace is now in line with the five year average.

This week President Trump will be visiting Beijing as a part of his Asian tour which has included Japan and South Korea so far.

While visiting, Chinese soybean buyers will commit to buying more U.S soybeans by signing a letter of intent.

The quantity of U.S soybeans is currently unknown, but the gesture marks the importance U.S farm goods in China.

China is also expected purchase more U.S. beef after the country lifted a trading ban this year.