Market News & Headlines >> Soybean Harvest Still Lagging
The U.S. soybean harvest pace accelerated last week amid drier weather, but remained well behind normal, while the corn harvest pace stayed slightly head of normal, according to Monday’s weekly Crop Progress report from USDA.
USDA estimated the U.S. soybean harvest was 53% complete as of Sunday, up from 38% a week earlier, but well behind last year’s pace of 67% complete and the five-year average of 69%. The U.S. corn harvest was 49% complete according to USDA, up from 39% a week earlier, 37% a year earlier and the five-year average pace of 47%.
Looking at the top soybean states, harvest progress continued to lag badly in the top producing state of Iowa reaching 37% as of Sunday, up 18 points from a week earlier, but still barely over half the five-year average of 71%. In Minnesota, harvest reached 62% complete, up 24 points on the week, but still 25 points behind the average pace, while in Nebraska, harvest progress advanced 16 points to 54%, but was still 21 points below average. However, soybean harvest continued to progress well in Illinois, reaching 74% complete versus the average pace of 70%.
Looking at the top corn producing states, the Illinois corn harvest continued to move along at a strong pace, advancing 11 percentage points to 82% complete versus the average pace of 66%. Iowa harvest progress picked up, advancing 12 points to 29%, behind the 5-yr. avg. of 38%, but ahead of last year's 22%. The Minnesota harvest advanced 17 points to 35% complete, on par with average, while the Nebraska harvest advanced 9 points to 34% complete, 3 points behind average.
USDA rated U.S. soybean conditions at 66% good/excellent, unchanged from a week earlier and 5 points above a year earlier. The Iowa crop rating was unchanged at 65% good/excellent. Corn conditions were rated 68% good/excellent, unchanged from a week earlier and 3 points above a year earlier.