With October less than a week away, harvest progress and conditions are consuming the market’s attention.
As of Sept. 18, 9% of the U.S. corn crop has been harvested, which compares to a five-year average of 12%. Farmers in states like Kentucky, North Carolina and Tennessee are significantly ahead of schedule, while the rest of the Midwest is still just getting started.
Soybean harvest progress is right in line with the average pace. As of Sept. 18, 4% of the nation’s crop has been harvested, which is only one percentage point behind average.
Corn and soybean prices were both down for the week, says Jerry Gulke, president of the Gulke Group, but prices are relatively stable.
“We’ve been kind of going sideways here,” he says. “Here we are just marking time—the market is concerned with how soon we can put this crop away in the bin.”
Harvest delays caused by heavy rains and flooding in states such as Iowa, Illinois and Minnesota, are actually helping remove some of the negative attitude in the marketplace, Gulke says: “The elevators were worried how they were going to store all the corn, these delays looks like they might help them deal with movement of this huge crop.”