Grain prices this morning are higher with Dec corn +2,50 (+0.68%), Nov soybeans +16.75 (+1.90%), and Dec wheat +1.00 (+0.20%). Grain prices on Thursday closed higher with Jan soybeans at a 2-week high: Dec corn +3.50 (+0.96%), Jan soybeans +30.25 (+3.55%), Dec wheat +7.50 (+1.50%). Bullish factors included (1) a drop in the dollar index to a 1-week low, (2) optimism that the U.S.- China trade rift can be resolved after President Trump said trade talks with Chinese President Xi Jinping are "moving along nicely," and (3) heavy rains in the Great Plains that may force farmers to plant less winter wheat. A negative for wheat is increased Russian wheat exports that have reduced demand for U.S. wheat supplies after Russia's Ag Ministry reported Russian wheat exports from Jul 1-Oct 18 were 15.2 MMT, up +34% y/y.
Monday's USDA Crop Progress report showed that 63% of the U.S. corn crop was harvested as of Oct 28, +2 points ahead of the 5-year average. The Crop Progress report also showed 72% of the U.S. soybean crop harvested as of Oct 28, -9 points behind the 5-year average. Meanwhile, 78% of the U.S winter wheat crop was planted as of Oct 28, -7 points behind the 5-year average.