Crop Progress Update – 11/4/19
According to USDA, corn and soybean harvest figures remained below previous year levels through the first week of November, each finishing at ten year seasonal low levels. Corn harvest figures finished two percent below average analyst expectations while soybean harvest figures finished equal to average analyst expectations. The current corn crop identified to be in good or excellent condition was unchanged from the previous week, consistent with average analyst expectations.
Corn:
Corn maturation as of the week ending Nov 3rd was 96% complete, finishing behind last year’s pace of 100% and the five year average pace of 100%. Corn maturation progress finished at a ten year low seasonal pace.
Corn harvest progress as of the week ending Nov 3rd was 52% complete, finishing behind last year’s pace of 74% and the five year average pace of 75%. Corn harvest progress finished at a ten year low seasonal pace and was below average analyst expectations of 54% completed.
Corn harvest progress finished most significantly behind five year average figures throughout North Dakota, followed by South Dakota and Montana.
58% of the current corn crop was identified to be in good or excellent condition as of the week ending Nov 3rd, unchanged from the previous week. The current corn crop identified to be in good or excellent condition finished below last year’s figure of 68% but was consistent with average analyst expectations. 13% of the current corn crop was identified as very poor or poor, up one percent from the previous week and finishing one percent above last year’s figure.
Soybeans:
Soybean harvest progress as of the week ending Nov 3rd was 75% complete, finishing behind last year’s pace of 81% and the five year average pace of 87%. Soybean harvest progress finished at a ten year low seasonal pace but was consistent with average analyst expectations.
Soybean harvest progress finished most significantly behind five year average figures throughout North Dakota, followed by Wisconsin and Michigan.