The United State Department of Agriculture (USDA) has announced that the harvesting of corn and soybeans is in its final run during its annual crop and inventory forecast.
The Iowa Corn Promotion Board posted onto Twitter that the remaining harvest percentage was almost complete and in the single digits.
“Farmers are nearly done with this year's harvest with less than 10% remaining,” the organization wrote.
The USDA stated that the U.S. corn harvest is 91% done, which was up 7% from last week and the soybean harvest is 92% complete, up 1% from its five-year average, according to Successful Farming.
Ahead of the harvest schedule, is corn which is relative to its five-year average, according to Successful Farming.
“The non-probability crop progress and condition surveys include input from approximately 3,600 respondents whose occupations provide them opportunities to make visual observations and frequently bring them in contact with farmers in their counties. Based on standard definitions, these respondents subjectively estimate the progress of crops through various stages of development, as well as the progress of producer activities. They also provide subjective evaluations of crop conditions,” the USDA stated in this week’s report.
Nasdaq reported the organization was expected to proliferate its forecast for countries with global 2021-22 soybean ending stocks and slim its U.S. and global corn carryout evaluations.
"Bearish numbers are expected in this release, especially on soybeans, which caused that complex to suffer the greatest losses," Karl Setzer, commodity risk analyst for AgriVisor, told Nasdaq.
America and Brazil tussle to supply China and other importers with the export sales of the crop, according to Nasdaq.
Setzer added that private analysts “have started to raise their crop projections as conditions in all South American countries are quite favorable for growth."
