24 October 2011 21:44 [Source: ICIS news]
HOUSTON (ICIS)--US corn and soybean harvests were nearing completion at an above average pace, data released by the US Department of Agriculture (USDA) indicated on Monday.
The USDA's weekly Crop Progress Report said that as of 23 October, 65% of the corn had been harvested in the top 18 corn-producing states, compared with 81% on the same date in 2010, and the five-year average of 51%.
In Iowa, the state with the largest corn plantings, 85% of the crop has been harvested.
USDA said 80% of the soybean crop had been harvested as of 23 October, compared with the five-year average of 71% on the same date.
Both corn and soybeans futures traded higher on Monday at the Chicago Mercantile Exchange in response to higher stock prices and rising costs of crude oil.
Higher crude oil prices help support corn and its place in the ethanol supply chain, an analyst said.
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