(Agriculture.com) – On Monday, the USDA pegged the U.S. corn and soybean harvest paces slightly behind the trade’s expectations, but well ahead of a week ago. Crop condition ratings remain unchanged from a week ago, for corn and improving for soybeans.
In its weekly Crop Progress Report, the USDA reported the U.S. corn crop as 68% in good/excellent condition, equal to a week ago. Also, the U.S. corn crop is 59% harvested vs. a 42% week ago.
Illinois has 85% of its corn picked vs. a 71% a week ago, while Indiana has 64% of its corn harvested, a big jump from 45% a week ago.
Iowa is just 52% complete in corn picking, compared with 29% a week ago. Nebraska’s corn harvest is pegged at 40% complete vs. 26% a week ago.
For soybeans, 77% of the crop has been taken out of the fields vs. 62% a week ago.
Al Kluis, Kluis Commodities sees very little market-impacting data in today’s USDA Report.
“This is close to what I had expected,” Kluis says. The report is neutral for the corn and soybean markets. I expect both markets to start out steady, in tonight’s electronic trading session.”
Kluis adds, “We will file our final U.S. Crop Progress report next week. All attention is now switching to the Southern Hemisphere.”
