Market News & Headlines >> Soybean Harvest Nearly Two-Thirds Done
The U.S. corn and soybean harvests advanced at a solid pace last week, but progress remained slightly behind the five-year averages as of Sunday as wet conditions continued to slow crop maturity and harvesting in the western Midwest.
USDA pegged corn harvest progress at 46%, up from 35% a week earlier, but behind the year-earlier pace of 54% and the 5-yr. avg. of 50%. Progress was also 3 percentage points below the average of trade estimates in a Reuters News Service survey.
USDA reported soybean harvest was 62% complete, up from 44% a week earlier, but behind last year’s quick pace of 73% and one point behind the five-year average. The progress number was on par with trade expectations.
Corn harvest was ahead of schedule in the eastern Corn Belt, with Illinois producers having combined 73% of their crop as of Sunday, 10 points ahead of the five-year average, while Indiana’s crop was 52% harvested versus an average of 44% and Ohio’s was 36% harvested vs. an average of 28%.
However, progress remained slow in the western Corn Belt, with Iowa producers having harvested 33% of their crop, 12 points behind the five-year average and 31% of the Minnesota crop harvested, also 12 points behind. South Dakota harvest progress of 31% was 10 points behind average, while Nebraska’s progress at 44% was 6 points behind.
The Illinois soybean harvest was 58% complete, 5 points behind the five-year average, while both the Iowa and Nebraska harvests were 62% complete, 12 points behind average. However, Minnesota harvest progress at 87% was 1 point ahead of average, while Indiana progress of 54% was on par with average and Ohio progress of 62% was 14 points above average.