Monday's weekly crop update from USDA confirmed that U.S. corn and soybean harvest advanced slowly last week due to wet weather in the western Corn Belt and the Mississippi River Delta.

USDA pegged the U.S. corn harvest at 28% done as of Sunday, up from 20% a week earlier, but 4 percentage points behind the five-year average.

The Iowa harvest advanced only 3 points to 13% done last week due to heavy rains in that state. Harvest advanced only 5 points in Minnesota and 7 points in Nebraska. The Illinois harvest accelerated, however, reaching 35% done, up from 20% a week earlier.

USDA pegged soybean harvest at 31% complete, up from 17% a week earlier, but behind the five-year average of 44%.

Harvest delays are most pronounced in the western Corn Belt, with the Minnesota crop only 33% harvested versus 48% a year ago and the average of 65%. In Iowa, harvest reached 26% done as of Sunday, versus 30% last year and the average of 52%.

Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.

To see more market perspectives, visit Brock's Web site at www.brockreport.com.