USDA: Soybean Harvest Speeds Ahead
DES MOINES, Iowa — On Tuesday, the USDA pegged the U.S. soybean harvest nearing the halfway point, making huge advances from a week ago. However, both corn and soybean harvest activity remains below average pace levels.
As of Sunday, 35% of the U.S. corn has been harvested, below the 38% five-year average. Illinois farmers have harvested 62% of their corn crop, Indiana 38%, Nebraska 23%, and Iowa 19%.
Also, the USDA rated the U.S. corn crop in 73% good/excellent condition, similar to a week ago.
For soybeans, 44% of the crop has been cut, sharply higher than the 26% a week ago, yet below the 47% five-year average.
The state of Illinois is 39% complete on harvest, Indiana 33% and Iowa 43% finished.
Also, the USDA rated the soybean crop as 74% good/excellent, equal to a week ago.
Al Kluis, Kluis Commodities, says that this report is pretty much what was expected.
“Corn harvest is just below normal in the Central Corn Belt because of the wet conditions,” Kluis wrote in a note to customers.
Kluis adds, “The soybean harvest has been slow due to the wet conditions in the Midwest, but it is picking up. The analysts expected harvest progress at 48% today, which will cause the soybean markets to open up higher tonight. These reports are about what was expected and indicate that we have huge yield potential.”