November 8, 2005

US corn and soy harvests near completion
 

The USDA said in its weekly crop progress report Monday that the US soybean and corn harvests were nearing completion.

Corn
 

Ninety percent of the US corn crop was reported harvested compared to 74 percent last year and the five-year average of 84 percent. The figure was in line with trade estimates.

Looking at where there is still some corn to be harvested, favourable weather conditions will help wrap up activity in a timely fashion, said Shawn McCambridge, senior grains analyst with Prudential Financial in Chicago.

With 90 percent of the crop out of the fields, participants will begin to shift into post-harvest mode with desirable near-term weather conditions keeping the threat of field losses at a minimum and limiting drying costs as well, said Don Roose, president US Commodities in West Des Moines Iowa.

Soybeans
 

The USDA reported 96 percent of the US soybean crop was harvested as of Sunday, up from last year 87 percent and the five-year average of 91 percent. Most analysts had expected the soybean harvest to expand to 95-97 percent.

The two top producing states of Illinois and Iowa reported harvest progress at 99 percent and 100 percent, respectively, just ahead of their respective five-year averages of 95 percent and 99 percent.

The soybean harvest for the most part is complete, with favourable weather conditions allowing rest of the harvest to wrap up in excellent shape, and keep field losses to a minimum, added Roose.