October 22, 2003

Continued Speedy Progress of US' Corn, Soybean Harvest

Continued speedy progress should be possible during the next week to 10 days in the U.S. corn and soybean harvest, a private forecaster said Tuesday.

"It was dry yesterday and it will be dry through Thursday with temperatures above normal in the west and turning a little cooler in the east," said Meteorlogix forecaster Joel Burgio.

He said a few showers might slow combining in the eastern Midwest by the weekend, which occurs mainly in Ohio and in Indiana; these two areas are seen as potential for heavy rainfall.

The unseasonably warm weather in the Midwest this week will be replaced by much cooler temperatures beginning on Friday and continuing through the weekend in the key harvest areas of the U.S. Midwest, Burgio said.

The U.S. Department of Agriculture (USDA) late Monday said 56% of the U.S. corn crop had been harvested as of Sunday, up from 39% a week ago and slightly below the 58% 5-year average. Chicago Board of Trade (CBOT) traders had expected the corn harvest figure to come in at around 45 - 50%.

USDA said 74% of the U.S. soybean crop had been harvested, up from 60% last week and even with the 5-year average of 74%. CBOT traders had expected the soy harvest pace to be from 75 - 80%.