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Warm Weather Boosts Crops, Harvest

U.S. soybean harvest progress jumped ahead of normal last week, while corn harvest remained slightly behind, according to Monday afternoon’s USDA crop update.

Unseasonably warm weather last week also led to an improvement in both U.S. corn and soybean conditions as it boosted crop development in northern growing areas.

USDA pegged U.S. soybean harvest progress at 8% as of Sunday, vs. a five-year average of 6%. Corn harvest progress was pegged at 9%, versus an average of 12%.

The portion of the U.S. corn crop rated good/excellent rose one percentage point to 70%, driven by a 4-point rise in the good/excellent ratings for both the Minnesota and Wisconsin crops.

The portion of the U.S. soybean crop in good/excellent condition rose 1 percentage point to 64%. The good/ excellent rating for Michigan soybeans rose by eight points, while Wisconsin’s crop showed a seven-point improvement.

Nationwide, 85% of the U.S. crop had dented as of Sunday, versus the five-year average of 94%, USDA reported. The percentage of the Minnesota crop that had dented jumped to 69% from 40% a week earlier, however, only 1% of the state’s crop was considered mature, vs. a five-year average of 49%.

USDA reported that 52% of the U.S. soybean crop was dropping leaves, vs. an average of 56%. In Minnesota, however, only 29% of soybeans were dropping leaves, far behind the average of 66%. And in North Dakota, only 27% of the crop was dropping leaves, vs. an average of 67%.

Editors note: Richard Brock, The Corn and 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.