Soybean harvest expected to be 81% complete, fastest pace since 2010
By Renee Hickman
CHICAGO, Oct 21 (Reuters) -The U.S. Department of Agriculture's weekly crop progress report is expected to show the U.S. soybean harvest as 81% complete as of Sunday, the fastest pace since 2010, according to an average of estimates from 12 analysts polled by Reuters on Monday.
Analysts expect the corn harvest to be 63% complete, according to the poll.
U.S. farmers are harvesting two of the largest-ever corn and soybean crops at the fastest pace in years, resulting in a glut at a time when prices remain near four-year lows.
Weeks of warm, dry weather across the central United States this fall have allowed crops to mature rapidly and enabled combines to continue rolling.
"Right now there is very little to get in the way of the harvest," said Sterling Smith, an independent research analyst. "Exceptionally dry conditions continue to prevail, making harvest easy."
If analyst expectations are correct, this would be the fastest harvest pace for soybeans in 14 years, and the fastest corn-harvest 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.
Quick 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. Yet corn futures prices are signaling they should hold the grain for a few months if possible.
In winter wheat, analysts forecast on average that the U.S. crop was 77% planted as of Sunday.
The USDA is scheduled to publish its weekly progress report at 3 p.m. CDT (2000 GMT) on Monday.
All figures in percent:
Category | Analyst average | Analyst range | USDA last week |
Corn harvested (%) | 63 | 55-76 | 47 |
Soybeans harvested (%) | 81 | 75-88 | 67 |
Winter wheat planted (%) | 77 | 74-84 | 64 |
Reporting Renee Hickman in Chicago; Editing by Rod Nickel
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