October 3, 2006

 

US crop progress wrap: corn, soy harvest pick up

 

 

The US Department of Agriculture reported Monday (Oct 2) afternoon that the harvest pace of the US corn and soybean crops picked up, but lags the pace for the five-year average.

 

Winter wheat planting progress was pegged at 54 percent.

 

 

Corn

 

Twenty percent of the US corn crop has been harvested as of Oct 1, just shy of the 21-26 percent expected by analysts, below the 25 percent cut in 2005 and the five-year average of 23 percent.

 

The harvest pace in the key states of Iowa, Illinois and Indiana were 8 percent, 28 percent and 10 percent, compared to 10 percent, 32 percent and 19 percent, respectively.

 

The harvest is behind last year's and the average pace, but it's not a concern at this point, said Shawn McCambridge, senior grains analyst with Prudential Financial in Chicago.

 

The weather is ideal for crops to dry down, and farmers are in no hurry to cut unless there is an issue with the crops' ability to stand, particularly with farmers focused on soybean cutting as soy crops are more susceptible to field losses due to changing weather conditions, McCambridge added.

 

The crop was rated 61 percent in the good-to-excellent category, unchanged from last week. Eighty-eight percent of the crop was reported mature, compared to 88 percent a year ago and the five-year average of 82 percent.

 

 

Soybean

 

Nineteen percent of the crop was reported harvested, compared to 33 percent last year and the five-year average of 26 percent. Analysts expected the harvest between 16 percent-26 percent.

 

The 19 percent harvested is a fairly aggressive pace for soybeans, said Don Roose, president US Commodities in West Des Moines, Iowa.

 

In Illinois, only 15 percent of the crop was harvested compared to 34 percent last year and the five-year average of 31 percent.

 

Despite the harvest pace lagging the five-year average, it is not an issue, as this week could be the biggest harvest week of the season, Roose said. When looking at the window of opportunity for combining this week, producers could cut 10 percent of their crops a day, allowing for harvesting to quickly catch up, Roose added.

 

Sixty-two percent of the US soybean crop was rated in good-to-excellent condition as of Oct 1, unchanged from a week ago.

 

The USDA reported 87 percent of the crop is dropping leaves, compared to 70 percent last week and slightly above the five-year average of 84 percent.

 

 

Winter wheat

 

The USDA reported that 54 percent of the winter wheat crop was planted, compared to 53 percent in 2005 and the five-year average of 56 percent.

 

The harvest is making good progress, and attention is shifting more toward weather for the early growth of the crop, said McCambridge.

 

In Kansas, the top US wheat-producing state, planting was estimated at 50 percent, just below the 51 percent in 2005 and the five-year average of 53 percent.

 

Twenty-five percent of the crop has emerged compared to 24 percent in 2005 and the five-year average of 27 percent.