U.S. soybean harvest 8% complete, below market expectations
Washington, September 27 News: The U.S. Department of Agriculture’s weekly national crop progress report showed that the U.S. soybean harvest progress and excellent rate were lower than market expectations.
In the 18 states that account for 96% of the country’s soybean planting area, as of September 25 (Sunday), the US soybean deciduous rate was 63%, 42% last week, 73% last year, and the five-year average was 465%.
The soybean harvest progress is 8%, 3% last week, 15% in the same period last year, and 13% in the same period of five years. Analysts on average had expected soybean harvest progress to be 11 percent ahead of the report, with forecasts ranging from 7 percent to 13 percent.
The soybean good-to-excellent rate was 55%, 55% last week, and 58% last year. Before the report, analysts expected the excellent rate to remain stable at 55%.
The ratio of soybean ratings is 9% excellent, 46% good, 30% fair, 10% poor, and 5% bad; last week was 9% good, 46% good, 30% fair, 10% bad, and 5% bad; 11%, good 47%, fair 28%, poor 10%, bad 4%.