Market News & Headlines >> Soybean Harvest Accelerates

The U.S. soybean harvest advanced more quickly than expected last week, while corn harvest progress continued to lag, according to Monday afternoon’s weekly Crop Progress report from USDA. 

USDA pegged soybean harvest at 46% complete as of Sunday, up 20 percentage points from a week earlier and 4 points above the average of trade expectations in a Reuters survey. However, harvest progress remained well behind last year’s pace of 51% and the five-year average of 64%. 

The U.S. corn harvest was 30% complete as of Sunday, according to USDA, up just 8 points from a week earlier and 4 points below the average of expectations in the Reuters survey. The corn harvest pace trailed last year’s pace of 48% and the five-year average of 47%. Only 86% of the U.S. corn crop was said to be mature, compared with the average pace of 97%. 

Looking at top producing states, Illinois soybean harvest progress jumped 25 percentage points on the week to 52% versus a five-year average of 68%, while Iowa progress surged 31 points to 48% compared with an average of 61%. Minnesota harvest progress advanced 23 points on the week to 42% versus an average of 81%, while Nebraska progress shot up 32% to 60% against the average of 67%. 

The Illinois corn harvest advanced 13 points on the week to 36%, barely over half of the five-average pace of 70%, while Iowa’s harvest progress advanced just 8 points to 15%, less than half the average of 34%. Only 11% of the Minnesota crop was harvested versus an average of 35%. Nebraska’s harvest was only slightly behind normal, however, at 30% complete versus an average of 35%.