US Producers Make Good Soy Harvest Progress; Corn Slower

US producers made significant strides on the soybean harvest this past week, with progress in corn relatively slower. 

Monday’s USDA crop progress report pegged the nationwide soybean harvest at 26% complete as of Sunday, up 13 points from a week earlier and beating the average expected pre-report trade guess of 24%. The soy harvest is also running 6 points ahead of last year and 8 points ahead of the five-year average. 

Meanwhile, the national corn harvest advanced 7 points from a week earlier to reach 21% complete as of Sunday, behind the average trade guess of 23%. However, this year’s corn harvest remains on par with last year and is still 3 points ahead of average. 

The Iowa bean harvest jumped 18 points on the week to 27% complete as of Sunday, 7 points better than last year and 6 points ahead of the state average, while Illinois was up 9 points to 24% done – far ahead of 15% last year and 11% on average. An estimated 23% of the crop was off in Indiana, versus 16% a week earlier and 14% for last year and the average. 

The Michigan soybean harvest gained 15 points from the previous week to 24% done as of Sunday, a major 20 points ahead of last year and 13 points ahead of average. Ohio was right behind at 23% complete, up from 14% the previous week and well ahead of 6% last year and 10% on average. The North Dakota soybean crop was 23% in the bin, up 15 points on the week and 1 point ahead of the state average. 

An estimated 81% of the US soybean crop was dropping leaves as of Sunday, up from 65% a week earlier and ahead of 73% on average but 1 point behind last year. The national bean crop was rated 64% good to excellent, unchanged on the week and 12 points higher than last year. 

For corn, the Illinois and Indiana harvests were 21% and 20% complete as of Sunday, respectively, compared to 14% and 12% a week earlier and 16% and 13% on average. The Iowa crop was 11% harvested, up from 5% the previous week. That is 3 points behind last year, but still on par with the five-year average. 

The Michigan and Ohio corn harvests each gained 6 points on the week to move to 9% and 16% done as of Sunday, ahead of 5% and 3% last year and 6% and 5% on average. The combines are just getting into the fields in North Dakota, where the statewide average was estimated at 1% complete as of Sunday, behind 7% last year and 5% on average.  

The US corn crop was 75% mature as of Sunday, up from 61% a week earlier. That is 5 points ahead of the average but still 4 points behind last year.