Futures Close Report: 16th October 2017

US harvest progress:

• Corn 28% harvested up from 22% last week but well behind 5 year average pace of 47% – condition reported as 65% good / excellent;
• Soybeans 49% harvested up from 36% last week – well behind 5 year average pace of 74% – condition report as 61% good / excellent.

US soybean processors reported lower usage last month – NOPA released figures for Sept crush usage at 13.419 million bu –  1.6million bu below analyst estimates.