US soybean prices hit a 10 year low during trading on Tuesday – advancing harvest of US crop adding to the bearish pressure combined with escalating trade rhetoric between US and China.
US Crop Condition / Harvest:
- US corn 68% good / excellent – unchanged on last week (61% at the same point last year);
- US soybeans 67% good / excellent down from 68% last week (59% at the same point last year);
- US soybean harvest reported 6% complete (5 year average pace is 3%);
- US corn harvest reported 9% complete (5 year average pace is 6%);
- Spring wheat harvest virtually complete at 97% with winter wheat plantings at 13% planted just behind 5 year average pace of 14% .
Trump escalating trade war with China – announcing tariffs on a further $200 billion worth of imports to the US. As of 24th September initially at 10% but rising to 25% by the end of 2018.