Soy Harvest Ahead of Average Pace but Behind Expectations

The US soybean harvest continued to progress ahead of the average pace this past week, although slower than analysts expected.

An estimated 60% of the nationwide soybean crop was in the bin as of Sunday, according to Monday’s USDA crop progress report. That is up from 49% a week earlier and 5 points ahead of the five-year average, but still a couple of points behind pre-report trade guesses. Last year at this time, almost three-quarters (73%) of the soybean crop had already been harvested.

The Illinois harvest was 51% complete as of Sunday, up from 43% a week earlier but 11 points behind the state average, while Indiana was 49% done, versus 38% the previous week and 57% on average. In contrast, the Iowa crop was 70% off, up from 56% a week earlier and well ahead of 51% on average.

The Michigan crop was 39% harvested as of Sunday, up just 3 points on the week and 5 points behind average. Ohio was 54% complete, up from 33% a week earlier but behind 57% on average. At 81% complete, the North Dakota harvest advanced 8 points on the week and was 18 points ahead of the average.

Nationally, 95% of the soybean crop was dropping leaves as of Sunday, up 4 points on the week and on par with the average.

Source: DePutter Publishing Ltd.

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