USDA came out with its latest World Agriculture Supply and Demand Estimates on Oct. 12. The soybean yield estimates were less than the trade expected, sending soybean prices soaring. They closed above $10 today for the first time since July. A strong export market is also helping soybeans. The report found corn stocks were up and yields up dramatically. Wheat finished down yesterday as stocks moved higher.
The Crop Progress report on Tuesday noted slower than average harvest for corn, with several states coming in with less than 10% of the corn harvest complete including Iowa, Minnesota and Wisconsin. The soybean harvest is progressing closer to the five year average, with 36% complete.
There's been good drought removal weather.
The chance of a La Nina arriving between December and February is increasing. See Potter's story.