(Agriculture.com) – “These reports are about what was expect On Monday, the USDA pegged the U.S. corn harvest activity over halfway finished.
In its weekly Crop Progress Report Monday, the USDA pegged the U.S. soybean crop as 76% harvested, equal to the five-year average, and slightly ahead of the trade’s expectations of 75%.
For corn, USDA sees the crop as 61% harvested compared with a 62% five-year average and a trade expectation of 65%. Illinois, at 83% harvested, has the fastest major corn-producing Midwest state pace. Iowa totals just 52%, Indiana 64%, and Nebraska 50%.
Al Kluis, Kluis Commodities, says the markets will hardly react to today’s report.
“These reports are about what was expected and indicate that we have huge yield potential, and harvest is back on schedule. For corn, today’s report is neutral for prices tonight. I expect corn to start out unchanged. The report is neutral for soybean prices. I look for soybeans to be unchanged tonight based on this news,” Kluis told customers in a daily newsletter.
