November 8, 2022

USDA report expected to show corn harvest at 86% complete

The US Department of Agriculture's (USDA) weekly crop progress report is expected to show corn harvest in the country at 86% completed and soybean harvest at 94%, based on an average of estimates from nine analysts, Nasdaq reported.

The US is the second-largest supplier of soybeans after Brazil and the largest exporter of corn in the world.

Analysts said that the USDA would rate 31% of the crop as being in good to excellent condition for the 2023 harvest of winter wheat in the US, up from the lowest recorded percentage of 28% as of October 30. Estimates for good to excellent quality ranged from 27% to 37%.

Despite some areas of the region receiving much-needed rain over the past week, persistent drought continues to plague crops in the southern Plains wheat belt. As of November 1, the USDA reported that 74% of the U.S. winter wheat production area was experiencing drought.

US planting is almost complete. The USDA said winter wheat seeding was 93% complete as of October 30 compared to the analysts' average expectation of 87%.

-      Nasdaq