Harvest Update: Estimate Raised for Already Record Soybean Crop
The U.S. soybean harvest is just about half complete, according to the U.S. Department of Agriculture (USDA), despite the pace of harvesting being slower than average.
To date, 35 percent of the U.S. corn crop has been harvested, compared to a national five year average of 38 percent. The state of Illinois has harvested 62 percent of its corn, Indiana has harvested 38 percent, Nebraska has harvested 23 percent, and Iowa, 19 percent.
Overall, the quality of the corn being harvested has remained steady with 73 percent being rated as being in good or excellent condition.
The national soybean crop is 44 percent harvested, lagging behind the five year average of 47 percent. Illinois has harvested 39 percent of its soybeans, Indiana has harvested 33 percent, and Iowa has harvested 43 percent. The USDA has rated 74 percent of the national crop as being in good to excellent condition.
USDA Raises Estimate for Already Record Soybean Crop
After beneficial rains, the U.S. Department of Agriculture (USDA) has raised its estimate for the country’s soybean crop for the 2016/17 marketing year from a September forecast of 4.201 billion bushels to a new estimate of 4.269 billion bushels. Projected average yields were also raised from 50.6 bushels per acre to 51.4 bushels per acre.
The department trimmed its forecast for the country’s corn crop slightly down to 15.057 billion bushels with an average yield of 173.4 bushels per acre, from a previous estimate of 15.093 billion bushels with average yields of 174.4 bushels per acre.
Expectations of market watchers and analysts were for a report projecting a soybean crop of 4.286 billion bushels with average yields of 51.5 bushels per acre and a corn crop projection 15.060 billion bushels with average yields of 173.5 bushels per acre according to a Reuters poll.
If conditions remain steady, the department states that another increase to the soybean projections could be made next month as yields could still increase for what is already a record crop.
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