Market News & Headlines >> Corn Harvest Passes Halfway Mark
The U.S. corn harvest passed the halfway mark last week as drier condition boosted activity in the western Corn Belt and soybean harvest started to wind down.
USDA pegged U.S. corn harvest progress at 52% as of Sunday, up from 34% a week earlier, but still well behind the five-year average pace of 72%. U.S. corn conditions were unchanged at 66% good/excellent. The progress estimate was on percentage point below the average of trade estimates in a Reuters News Service poll.
USDA reported the U.S. soybean harvest was 83% done, up from 59% a week earlier and only one percentage point behind the five-year average. The progress matched the average of trade expectations.
Corn harvest progress in the top growing state of Iowa was pegged at 44%, up 21 percentage points from a week earlier, but still 26 points behind the five-year average pace. The Minnesota harvest was estimated at 38% complete, up from just 14% a week earlier, but still far behind the average of 73%, while the Nebraska harvest was 45% finished versus an average of 67%.
Fieldwork was slowed in the eastern Corn Belt last week due to wetter weather, but the eastern states remained farther along with corn harvest than the western growing states. The Illinois corn harvest was 73% complete, up 11 points from a week earlier, but 11 points behind the average pace, while the Indiana harvest was 59% finished, up points from a week earlier, but 12 points behind average.
Iowa soybean harvest progress came in at 83% as of Sunday, up 22 points from a week earlier and 8 points behind the five-year average pace. Harvest is nearly finished in the northwest part of the growing belt.
The Minnesota harvest advanced 12 points last week to 95% complete, 2 points behind average, while harvest progress reached 96% in both South and North Dakota. The Nebraska soybean harvest reached 89% complete, up 22 points on the week and just 4 points behind average. Farther east, in the No. 2 soybean state of Illinois, harvest progress advanced just 9 points to 86%, matching the average pace, while in Indiana, harvest progress advanced 11 points to 80%, also matching the average pace.
Corn harvest should advance rapidly in the western Corn Belt this week, with little precipitation expected there through Saturday.