Spot soybeans above 10.00 for the third morning in a row.

This morning’s grain trade is firmer across the board, with again, for the third morning in a row, November beans trading above $10.00 (despite a potential Trump when, heavy rainfall for the last three weeks in SA, and record US crop expectations). This morning's strength of soybeans is a risk that bearish influences will lose their trend.

Yesterday afternoon, NASS showed that farmers completed 94% of the soybean harvest and 91% of the corn harvest through Sunday. The corn and soybean harvest is nearly complete, with producers turning towards fall fieldwork. Meanwhile, the seeding of the winter wheat crop is at 87%, with 41% of the crop rated GD/EX, a gain of 3%, and likely further gains next week after recent rainfall.

Egypt tendered 290,000 metric tons of wheat in late November/December, with sellers Bulgaria, Russia, and Ukraine. Ukraine sold the cheapest wheat at $252.50/MT FOB, which included 270 days of credit facilities. The tender was considered small, and Egypt will likely have another tender forthcoming.

This Friday is the November USDA Crop Report, with the corn yield now averaging 183.7 BPA, which is off .1 BPA from October, and eight soybean yield of 52.8 BPA, down .3 BPA from last month. The modest yield declines reflect the near-record dryness of September. Despite slightly softer averages, some out there still project a corn yield rise of .5-1.0. The November crop report is not known for holding significant surprises as the NASS had already harvested more than 60% of the objective plots for the October report.

South American weather forecast remains favorable for the next 2-3 weeks. Near to above-normal rain for northern and central Brazil is anticipated, with near-normal rain falling across Argentina/Southern Brazil. There is no evidence of extreme heat, with N Brazil seeing high-temperature readings in the 80s to lower 90s, while 70s to lower 90s prevail across Argentina/S Brazil.

Yesterday, there was another lower trade for live and feeder cattle, with live cattle as weak as feeder cattle. December cattle did stop at the 200-day MA. Meanwhile, feedlots are focused on supplies, and closeouts have recently turned positive.

Last week, the Packers bought 87,606 head on a negotiated basis, with 70,121 heads for 1-14 day delivery and 17,485 heads for 15-30 day delivery. Year-to-date, the Packers bought 3.3 Mil head on a negotiated basis, down 6% from last year and the lowest on record. Just 17.6% of all fed cattle purchases have been on a negotiated basis, which is now a record low.