September 30, 2014 |
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Harvest at 12% for Corn Crop; Soybeans at 10%

Harvest remains far behind the five-year average

Harvest at 12% for Corn Crop; Soybeans at 10%

US farmers have now harvested 12% of the nation's corn crop while soybeans have reached 10% completed, according to Monday's release of the US Department of Agriculture's (USDA) Weekly Crop progress report.

According to the weekly update, farmers have gained 5 percentage points to achieved 12% of the corn harvest, which is slightly higher than the 11% achieved in 2013 but remains fairly behind the five-year average of 23%.

Corn maturity climbed by 18 points to reach 60%, which is equal to the amount in 2013 but still behind the five-year average of 70%. In terms of crop conditions the agency did not make any adjustments week-on-week leaving 23% rated as "excellent" and only 2% as "very poor".

Looking towards the weather, the weekly forecast is viewing a return of rain across most of the key growing regions which will slow harvesting but could give a final boost to those crops still developing.

In the Midwest scattered showers will dominate the conditions which will drag down the harvest progress but is expected to be followed by a period of more favourable weather. Over in the Southern Plains rain will be falling and be accompanied by warmer temperatures, which should benefit any late crops and the development of winter wheat plantings.

The Northern Plains will see disruptions from more precipitation, but that pattern should break mid-week and provide drier conditions going forward, which will allow early harvest activities to resume throughout the region.

In terms of soybean harvesting the USDA said farmers have gained 7 points to reach 10% of the crop completed, which is equal to the amount seen in 2013 but lagging behind a five-year average of 17%. Regarding conditions the weekly update increased the amount of the crop viewed as "excellent" by one point to 19% and lowered by the same amount those rated as "very poor" to 1%.

The amount of the crop dropping leaves rose by 24 points to a level of 69%, which remains ahead of the 64% in 2013 but still trailing the five-year average of 71%.

The latest update has analysts predicting the market will continue a bearish trend for corn as the very strong crop ratings continue to support the outlook for a significantly large harvest. For its part the market ended the first trading session on a positive lift as December corn closed up 2.6 cents to $3.26 per bushel.

Viewing the soybean update analysts are seeing the commodity with a bearish overtone because like its counterpart corn, soybeans continue to demonstrate very high ratings for this late in the season. In the first trading of the week soybeans ended on an increase of 13.2 cents to close at $9.23 per bushel.

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