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137065

U.S. Corn Harvest Pace Falls Behind Averages

Soybean rating remains unchanged.

DES MOINES, Iowa — The U.S. corn harvest is falling behind the average pace for this time of the year, according to the USDA Monday.

In its Crop Progress Report, the USDA pegged the U.S. corn harvest at 5% complete vs. a 7% five-year average.

The crop’s good/excellent rating of 74% is equal to a week ago. Also, 87% of the corn is in the dent stage vs. an 82% five-year average.

The U.S. corn maturity rate is set at 33%, slightly ahead of the five-year average of 32%.

For soybeans, 26% of the crop is in the leaf-dropping stage, compared with a 25% five-year average.

The crops good/excellent rating of 73% equals the week-ago rating.

USDA reported that the U.S. spring wheat harvest is 94% complete vs. the 86% five-year average. Meanwhile, the U.S. winter wheat crop is 6% planted, slightly below a 7% five-year average.

The USDA’s Crop Progress report numbers came in about as expected, according Al Kluis, Kluis Commodities.

“These reports are about what was expected and indicate that we have huge yield potential,” Kluis stated in a note to customers. Today’s report is neutral for prices tonight. I expect corn to start out unchanged to slightly lower based on the outside markets at the end of the day. The report is neutral for soybeans. I look for soybeans to be steady tonight based on this news,” Kluis stated.

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