Persistent rains idled combines in much of September and October. But in its latest Crop Production Estimates, the Agriculture Department this week predicted a bountiful harvest.
USDA figures released Monday showed the soybean harvest at 64% complete. Normally at this time, 92% of the crop would be in the bin. The corn harvest lagged even further behind the average pace of 82% with only 37% of the acreage harvested.
USDA increased November's projected soybean harvest to over 3.3 billion bushels with an average yield of 43.3 bushels per acre. (3.319 Billion Bushels - 43.3 Bushels / Acre) That's up 12% from last year. If realized, it would be the highest soybean harvest on record.
The forecast for this year's corn crop, however, was reduced by 1% from last month's prediction to 12.9 billion bushels with an average yield of 162.9 bushels per acre. (12.921 Billion Bushels – 162.9 Bushels / Acre)