US soybean harvest is 81% complete, fastest pace since 2010, USDA says
Updates with USDA report data, updates throughout
By Renee Hickman
CHICAGO, Oct 21 (Reuters) -The U.S. soybean harvest was 81% complete as of Sunday, the fastest pace seen since 2010, according to the U.S. Department of Agriculture's weekly crop progress report released on Monday afternoon.
The week's soy harvest, which was in line with trade expectations, is also ahead of the five-year average of 67% as weeks of warm, dry weather have allowed crops in the central United States to mature rapidly and enabled combines to continue rolling.
Farmers are harvesting two of the largest-ever U.S. corn and soybean crops, piling supplies onto an already hefty global stockpile at a time when prices remain near four-year lows.
USDA also reported that the corn harvest was 65% complete, ahead of the five-year average of 52%. The weekly pace was above analyst expectations of 63%, according to a Reuters poll of 12 analysts.
"Right now there is very little to get in the way of the harvest," said Sterling Smith, an independent research analyst.
The soybean harvest is proceeding at the fastest harvest pace in 14 years, and corn at the fastest pace since 2021, according to USDA data.
The speed of the harvest has rapidly filled up some Midwest elevators, with long lines of trucks waiting to offload crops.
The rapid pace of harvesting and localized storage squeezes are forcing farmers to consider selling some crops for less than it cost to produce them, according to grain merchants and analysts.
In winter wheat, the USDA said the U.S. crop was 73% planted, less than trade expectations of 77%, according to analysts, and behind the five-year average of 76%.
All figures in percent:
Category | Analyst average | Analyst range | USDA last week | USDA this week |
Corn harvested (%) | 63 | 55-76 | 47 | 65 |
Soybeans harvested (%) | 81 | 75-88 | 67 | 81 |
Winter wheat planted (%) | 77 | 74-84 | 64 | 73 |
Reporting Renee Hickman in Chicago; Editing by Aurora Ellis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
