Market News & Headlines >> U.S. Harvest Pace Still Ahead of Normal
The pace of the U.S. corn and soybean harvests remained ahead of normal last week, even though wet condition limited harvest progress in some key producing states.
In its weekly crop progress update on Monday afternoon, USDA pegged U.S. corn harvest progress at 26%, up 10 percentage points from a week earlier and up from last year’s pace of 16% and the five-year average pace of 17%. The harvest pace was on par with the average of trade expectations. USDA estimated that 86% of the corn crop was mature, up from 72% a week earlier and the average of 71%.
USDA estimated the U.S. soybean harvest was 23% complete, up from 14% a week earlier and ahead of the average pace of 20%, but 4 percentage points below the average of trade estimates. USDA said 83% of the soybean crop was dropping leaves, compared with the average pace of 75%.
The Illinois corn harvest continued to advance at a rapid pace, reaching 48% complete, up from 28% a week earlier and nearly double the five-year average of 25%. Harvest activity was much more limited in the top producing state of Iowa, where harvest was estimated to be 11% complete, up 6 points from a week earlier and 5 points ahead of the average pace.
Minnesota corn harvest progress was put at 8% up from 3% a week earlier and the average pace of 4%, while Nebraska progress was put at 17%, up from 9% a week earlier and an average of 11%.
The Illinois soybean harvest was 35% complete as of Sunday, up from only 17% a week earlier and the five-year average of 20%, while Iowa progress was pegged at 15%, up from 8% a week earlier and the average pace of 12%. In Minnesota, soybean harvest was 27% complete, ahead of the average pace of 24%, and in Nebraska, harvest progress was put at 27% versus an average of 17%.