Clements: Farmers are harvesting a 2018 crop that’s expected to offer record corn and soybean yields. Megan Nelson, an economic analyst at the American Farm Bureau Federation, says the weekly USDA Crop Progress report shows farmers are quickly harvesting a bumper crop.
Nelson: Sixteen percent of the U.S. corn crop and 14 percent of the U.S. soybean crop has been harvested so far. The report also showed that crop conditions have improved slightly, with 69 percent of the U.S. corn crop in good-to-excellent condition, and 68 percent of the U.S. soybean crop in good-to-excellent condition.
Clements: Nelson says the early harvest numbers are exceeding the average pace, and farmers expect to see good yields.
Nelson: For the most part, the harvest rate is in line with what analysts’ expectations were and continues to outpace previous years and the five-year average at this time. As we saw in the latest USDA report, we’re going to see record corn and soybean yields this year and relatively favorable growing conditions have led us to maybe see even higher yields than being predicted right now.
Clements: Nelson says farmers should watch the weekly Crop Progress reports closely for clues to potential issues.
Nelson: We’re going to continue to see rapid harvest pace, but this could also potentially lead us into some storage availability issues and a wider basis as harvest progresses. So, it’s definitely something to keep an eye on.
Clements: Micheal Clements, Washington.