Arg harvest for soybeans reported at 54% complete with average yield so far reported at 2.4t / hectare – this yield figure is forecast to fall further as dry conditons likely had greater impact on later planted areas. Normal average yield is circa 2.9t / hectare – Bueanos Aires grains exchange forecast overall harvest at 38 million tonnes. Corn harvest was reported at 31% complete with average yields at 7.2 tonnes / hectare. Overall corn harvest put at 32 million tonnes.
Soybean futures are being underpinned on hopes of a pickup in demand from China. China’s purchases of U.S. soybeans have come to a grinding halt as fears of further action by Beijing to curb imports of U.S. crops following last week’s anti-dumping move on sorghum.