We've reached the time of year where the corn and soybean harvests tend to be the most anticipated pieces of USDA's weekly crop progress report. In the latest report, out Monday afternoon and covering the week through October 20, revealed fresh data points for that and much more.
Nearly all of the 2024 corn crop (98%) is now fully mature, up from 94% a week ago. That's also a bit ahead of 2023's pace of 97% and the prior five-year average of 95%.
Harvest progress reached 65% through Sunday, up from 47% in the prior week and favorable to the average trade guess of 63%. That puts this season's pace well ahead of 2023's mark of 55% and the prior five-year average of 52%.
Soybean harvest progress moved from 67% completion a week ago up to 81% through Sunday. That was equal to the average analyst estimate, and it's faster than 2023's pace of 72% and the prior five-year average of 67%.
Farther south the U.S. cotton harvest moved from 34% completion a week ago up to 44% through October 20. That's faster than 2023's pace of 39% and the prior five-year average of 38%. Quality ratings jumped three points higher, with 37% of the crop now in good-to-excellent condition. Another 30% of the crop is rated fair (down two points from last week), with the remaining 33% rated poor or very poor (down one point from last week).
Winter wheat plantings moved from 64% last week up to 73% through Sunday. That was slightly below the average estimate of 77% but still within the range of trade guesses. It's also a bit slower than 2023's pace of 74% and the prior five-year average of 76%.
