USDA: U.S. soybean harvest 88% complete, below market expectations

WASHINGTON, Nov. 1: The U.S. Department of Agriculture’s weekly national crop progress report showed that the U.S. soybean harvest was slower than market expectations.

In the 18 states that account for 96% of the country’s soybean planting area, as of October 30 (Sunday), the U.S. soybean harvest progress was 88%, 80% last week, 78% last year, and the five-year average for the same period was 78%.

Before the report, analysts on average expected soybean harvest progress to be 89 percent, with forecasts ranging from 85 percent to 93 percent.