U.S. Corn, Soybean Harvest Explodes by Double Digits, USDA Says

The U.S. soybean harvest pace moved up double digits reaching over the halfway point, according to the USDA. Likewise, corn picking sprang up by double digits. In its Weekly Crop Progress Report Monday, the USDA pegged the corn harvest at 49%, ahead of the trade’s expectation of 45% and ahead of the prior five-year average of 47%. Iowa, the No. 1 U.S. corn-producing state had a 12% jump in harvest progress, recording 29% completion compared with 17% a week ago and a 38% five-year average. The USDA pegged the corn crop condition at 68%, equal to a week ago. Soybean collection was 53% complete, sharply above a week ago’s pace of 38% and behind a 69% five-year average. Again, Iowa jumped 18 percentage points in a week, regarding harvest activity, while Minnesota farmers moved their cutting rate up 24%. USDA rated the U.S. soybean crop at 66% good/excellent, equal to a 66% rating a week ago...MORE