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45721

USDA: Corn Harvest Slightly Behind, Soybean Harvest at 7%

More combines are beginning to roll across the Corn Belt. This week’s USDA Crop Progress report shows that 10% of corn harvest is complete, up from 5% last week and slightly trailing the five-year average of 15%. Soybean harvest jumped up to 7% complete, which is right on pace with the five-year average.

Within the Corn Belt, Illinois, Kansas, and Missouri are the top corn pickers with 13%, 27%, and 27% of corn harvest complete, respectively. Soybean harvest has made the most progress in Minnesota with 12% complete and North Dakota with 10% harvested.

Corn rated in good to excellent condition is still at 68% this week, which is the same as last week. Corn dented is at 94%, up from 87% last week and just above the five-year average. Corn maturity has moved up to 53%, pushing past last week’s rating of 35% and almost at the five-year average of 56%.

Soybean conditions are improving slightly with 63% in good to excellent condition, up slightly from 61%. The report shows 56% of soybeans are dropping leaves, moving past last week’s 35% and the five-year average of 50%.

Commodities analyst and broker Al Kluis predicts today's report will have minimal impact on the markets. "I expect corn prices to start out steady tonight," he says. "The report is a little negative for soybean prices. I expect prices to open 1 to 2 cents lower tonight."

Winter wheat planting is right on pace with the five-year average at almost 20%, up from 9% last week.

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