Soybean Harvest Is Underway, USDA Says

DES MOINES, Iowa -- The U.S. corn harvest activity did not progress like the trade had expected, while soybean cutting did outperform.

The trade was looking for corn harvest to reach 10% and soybean cutting 5% complete.

CORN

On Monday, the USDA Crop Progress Report pegged the U.S. corn crop as 9% harvested vs. a 6% five-year average.

Also, 68% of the corn crop is rated as good/excellent, equal to last week.

USDA pegged 93% of the corn crop as being in the dent stage vs. a 86% five-year average.

Over half the crop, 54% is mature, vs. a 36% five-year average.

SOYBEANS

In its report, USDA pegged the U.S. soybean crop condition at 67% good/excellent, below 68% a week ago. Also, 53% of the soybean crop is dropping leaves, above a 36% five-year average.

Also, the USDA pegged soybean harvest at 6% vs. a 3% five-year average.

WHEAT

For spring wheat, USDA pegged harvest at 97% vs. 92% a week ago.